Ellevest Inc. boosted its position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 41.9% during the 1st quarter, HoldingsChannel reports. The firm owned 1,538 shares of the energy company’s stock after buying an additional 454 shares during the period. Ellevest Inc.’s holdings in Devon Energy were worth $91,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Foundation Resource Management Inc. boosted its position in Devon Energy by 2.6% during the 1st quarter. Foundation Resource Management Inc. now owns 69,158 shares of the energy company’s stock valued at $4,089,000 after acquiring an additional 1,767 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in Devon Energy by 58.2% during the 4th quarter. Oppenheimer & Co. Inc. now owns 74,961 shares of the energy company’s stock valued at $3,302,000 after acquiring an additional 27,575 shares in the last quarter. People s United Financial Inc. boosted its position in Devon Energy by 21.5% during the 4th quarter. People s United Financial Inc. now owns 24,952 shares of the energy company’s stock valued at $1,099,000 after acquiring an additional 4,412 shares in the last quarter. Sowell Financial Services LLC bought a new stake in Devon Energy during the 4th quarter valued at $855,000. Finally, Teamwork Financial Advisors LLC boosted its position in Devon Energy by 108.6% during the 4th quarter. Teamwork Financial Advisors LLC now owns 276,817 shares of the energy company’s stock valued at $12,194,000 after acquiring an additional 144,105 shares in the last quarter. 87.01% of the stock is currently owned by institutional investors and hedge funds.
NYSE DVN opened at $55.11 on Friday. The stock has a 50-day simple moving average of $66.37 and a two-hundred day simple moving average of $58.23. The firm has a market capitalization of $36.37 billion, a P/E ratio of 10.34 and a beta of 2.59. Devon Energy Co. has a fifty-two week low of $24.05 and a fifty-two week high of $79.40. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.32 and a current ratio of 1.32.
Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.74 by $0.14. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.02 billion. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. During the same quarter last year, the business posted $0.45 EPS. As a group, analysts forecast that Devon Energy Co. will post 9.1 earnings per share for the current year.
Devon Energy declared that its Board of Directors has authorized a stock buyback plan on Monday, May 2nd that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the energy company to reacquire up to 4.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Monday, June 13th were paid a dividend of $1.27 per share. The ex-dividend date of this dividend was Friday, June 10th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 9.22%. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s dividend payout ratio (DPR) is presently 95.31%.
In related news, EVP Dennis C. Cameron sold 4,143 shares of Devon Energy stock in a transaction dated Monday, April 4th. The stock was sold at an average price of $61.45, for a total value of $254,587.35. Following the completion of the transaction, the executive vice president now owns 284,806 shares in the company, valued at approximately $17,501,328.70. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Clay M. Gaspar sold 30,000 shares of Devon Energy stock in a transaction dated Wednesday, April 13th. The shares were sold at an average price of $63.75, for a total value of $1,912,500.00. Following the completion of the transaction, the chief operating officer now owns 765,202 shares of the company’s stock, valued at approximately $48,781,627.50. The disclosure for this sale can be found here. Insiders have sold a total of 64,922 shares of company stock valued at $4,269,519 in the last quarter. Company insiders own 0.80% of the company’s stock.
Several analysts have issued reports on DVN shares. Susquehanna Bancshares increased their target price on Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. Truist Financial raised their price objective on Devon Energy from $100.00 to $103.00 and gave the stock a “buy” rating in a research report on Thursday, June 9th. StockNews.com raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Thursday. Mizuho raised their price objective on Devon Energy from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 10th. Finally, Stifel Nicolaus raised their price objective on Devon Energy from $88.00 to $93.00 in a research report on Thursday, June 9th. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy 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 $74.94.
Devon Energy Company Profile (Get Rating)
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.
Further Reading
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Source: defenseworld.net
