Newbridge Financial Services Group Inc. Has $994,000 Stock Holdings in Devon Energy Co. (NYSE:DVN)

Newbridge Financial Services Group Inc. lessened its position in Devon Energy Co. (NYSE:DVNGet Rating) by 6.1% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,033 shares of the energy company’s stock after selling 1,164 shares during the period. Devon Energy comprises approximately 0.6% of Newbridge Financial Services Group Inc.’s holdings, making the stock its 23rd biggest holding. Newbridge Financial Services Group Inc.’s holdings in Devon Energy were worth $994,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. 1832 Asset Management L.P. raised its holdings in shares of Devon Energy by 101.4% in the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock valued at $235,861,000 after buying an additional 2,691,049 shares during the last quarter. Boston Partners raised its holdings in Devon Energy by 36.6% during the 1st quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock worth $459,821,000 after purchasing an additional 2,083,360 shares during the last quarter. Bank of Montreal Can raised its holdings in Devon Energy by 276.7% during the 1st quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company’s stock worth $143,776,000 after purchasing an additional 1,743,220 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new stake in Devon Energy during the 1st quarter worth about $85,234,000. Finally, First Trust Advisors LP raised its holdings in Devon Energy by 79.4% during the 1st quarter. First Trust Advisors LP now owns 3,206,111 shares of the energy company’s stock worth $189,577,000 after purchasing an additional 1,419,322 shares during the last quarter. Institutional investors and hedge funds own 79.19% of the company’s stock.

Devon Energy Stock Down 9.5 %

Shares of NYSE:DVN traded down $6.02 during mid-day trading on Friday, hitting $57.10. 873,156 shares of the company traded hands, compared to its average volume of 11,437,929. The stock has a market cap of $37.39 billion, a P/E ratio of 7.26, a P/E/G ratio of 0.13 and a beta of 2.47. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. Devon Energy Co. has a 12-month low of $30.49 and a 12-month high of $79.40. The stock has a 50-day moving average price of $64.42 and a two-hundred day moving average price of $63.30.

Devon Energy (NYSE:DVNGet Rating) last announced its earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.38 by $0.21. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The company had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Devon Energy’s quarterly revenue was up 132.8% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Co. will post 9.24 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be given a $1.55 dividend. The ex-dividend date is Friday, September 9th. This represents a $6.20 annualized dividend and a yield of 10.86%. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s payout ratio is currently 9.14%.

Insiders Place Their Bets

In other news, EVP Dennis C. Cameron sold 4,537 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the transaction, the executive vice president now owns 270,269 shares of the company’s stock, valued at approximately $14,472,904.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Truist Financial boosted their price objective on Devon Energy from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, August 10th. The Goldman Sachs Group decreased their target price on Devon Energy from $70.00 to $61.00 and set a “neutral” rating for the company in a research report on Tuesday, July 5th. Barclays set a $89.00 target price on Devon Energy in a research report on Tuesday, July 19th. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. Finally, Bank of America decreased their target price on Devon Energy from $80.00 to $66.00 and set a “neutral” rating for the company in a research report on Tuesday, July 19th. Eight equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $77.06.

Devon Energy Company Profile

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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