Blume Capital Management Inc. Buys 300 Shares of Devon Energy Co. (NYSE:DVN)

Blume Capital Management Inc. raised its position in Devon Energy Co. (NYSE:DVN) by 20.9% in the 4th quarter, HoldingsChannel reports. The fund owned 1,735 shares of the energy company’s stock after purchasing an additional 300 shares during the period. Blume Capital Management Inc.’s holdings in Devon Energy were worth $79,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of DVN. Meridian Wealth Advisors LLC lifted its position in Devon Energy by 3.5% in the fourth quarter. Meridian Wealth Advisors LLC now owns 73,452 shares of the energy company’s stock worth $3,327,000 after purchasing an additional 2,488 shares during the period. Cullen Frost Bankers Inc. lifted its holdings in shares of Devon Energy by 5.1% during the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after acquiring an additional 271 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Devon Energy by 3.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,539,574 shares of the energy company’s stock valued at $160,338,000 after acquiring an additional 123,158 shares in the last quarter. Fielder Capital Group LLC bought a new stake in Devon Energy in the fourth quarter valued at about $305,000. Finally, Machina Capital S.A.S. acquired a new position in Devon Energy in the fourth quarter worth about $551,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several analyst reports. Truist Financial lowered their price objective on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Morgan Stanley boosted their target price on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research note on Monday, April 15th. Wells Fargo & Company raised shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $46.00 to $59.00 in a report on Monday, April 1st. UBS Group upped their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 10th. Finally, StockNews.com upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $58.44.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares in the company, valued at $5,317,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.63% of the stock is currently owned by corporate insiders.

Devon Energy Trading Up 0.9 %

NYSE:DVN traded up $0.44 on Thursday, reaching $51.00. The company’s stock had a trading volume of 1,411,365 shares, compared to its average volume of 7,743,285. The firm has a market cap of $32.23 billion, a PE ratio of 9.65 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The business’s 50-day moving average price is $50.02 and its two-hundred day moving average price is $46.31. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. Equities research analysts anticipate that Devon Energy Co. will post 5.24 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.