Wealthfront Advisers LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 86.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 467,793 shares of the energy company’s stock after buying an additional 216,636 shares during the quarter. Wealthfront Advisers LLC’s holdings in Devon Energy were worth $19,329,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Foster & Motley Inc. bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $266,000. Main Street Financial Solutions LLC purchased a new position in Devon Energy in the second quarter valued at approximately $253,000. First National Bank of Omaha grew its holdings in Devon Energy by 2.6% during the second quarter. First National Bank of Omaha now owns 92,272 shares of the energy company’s stock valued at $3,855,000 after purchasing an additional 2,337 shares during the period. Equity Investment Corp bought a new position in Devon Energy during the second quarter valued at $106,873,000. Finally, Gould Capital LLC increased its position in Devon Energy by 1.2% in the second quarter. Gould Capital LLC now owns 38,716 shares of the energy company’s stock worth $1,600,000 after buying an additional 475 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Roth Capital restated a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Truist Financial increased their price target on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Capital One Financial decreased their price objective on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 10th. Finally, Morgan Stanley dropped their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $59.15.
Insiders Place Their Bets
In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 4.58% of the stock is owned by insiders.
Devon Energy Trading Up 0.6%
NYSE:DVN opened at $47.84 on Wednesday. The company has a market cap of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38. The stock’s fifty day moving average price is $43.52 and its two-hundred day moving average price is $45.30. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.
Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period last year, the company earned $0.84 earnings per share. As a group, analysts expect that Devon Energy Corporation will post 4.99 EPS for the current year.
Devon Energy Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.
Devon Energy Profile
Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.
Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.
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