Outfitters Financial LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 67.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 40,259 shares of the energy company’s stock after buying an additional 16,259 shares during the period. Outfitters Financial LLC’s holdings in Devon Energy were worth $1,664,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. LSV Asset Management grew its holdings in Devon Energy by 79.6% in the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after buying an additional 354,500 shares in the last quarter. Kimmeridge Energy Management Company LLC increased its holdings in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the period. Morningstar Investment Management LLC bought a new stake in shares of Devon Energy during the fourth quarter valued at about $2,089,000. Illinois Municipal Retirement Fund lifted its holdings in Devon Energy by 15.5% in the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after purchasing an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC grew its position in Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after buying an additional 80,000 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.
Devon Energy Price Performance
Shares of NYSE:DVN opened at $49.03 on Thursday. The company has a market capitalization of $53.93 billion, a PE ratio of 11.65, a price-to-earnings-growth ratio of 1.35 and a beta of 0.37. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a fifty day moving average of $44.54 and a 200-day moving average of $45.74. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71.
Devon Energy Dividend Announcement
The company 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 $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.
Insider Buying and Selling at Devon Energy
In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.58% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
DVN has been the subject of a number of research analyst reports. Seaport Research Partners initiated coverage on shares of Devon Energy in a research note on Thursday. They issued a “buy” rating and a $65.00 price target for the company. Citigroup boosted their target price on Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Monday. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Susquehanna lifted their price target on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, Truist Financial upped their price objective on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $59.23.
Devon Energy Company 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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