RFG Advisory LLC Boosts Position in Devon Energy Corporation $DVN

RFG Advisory LLC boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 18.4% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 85,027 shares of the energy company’s stock after purchasing an additional 13,220 shares during the quarter. RFG Advisory LLC’s holdings in Devon Energy were worth $2,705,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisors L.P. raised its holdings in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock valued at $10,210,000 after buying an additional 26,519 shares during the period. Autumn Glory Partners LLC raised its holdings in Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock valued at $1,547,000 after buying an additional 20,000 shares during the period. Intact Investment Management Inc. purchased a new position in Devon Energy in the first quarter valued at approximately $2,524,000. Praxis Investment Management Inc. raised its stake in shares of Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company’s stock valued at $1,758,000 after purchasing an additional 13,860 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Devon Energy by 38.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company’s stock valued at $31,850,000 after purchasing an additional 236,624 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on DVN shares. William Blair started coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an “outperform” rating on the stock. Weiss Ratings reiterated a “hold (c-)” rating on shares of Devon Energy in a research note on Wednesday, October 8th. Mizuho dropped their price objective on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research note on Monday, September 15th. Jefferies Financial Group lifted their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the company a “hold” rating in a research note on Monday, July 14th. Finally, Siebert Williams Shank lifted their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $43.68.

Devon Energy Stock Down 1.6%

Shares of NYSE:DVN opened at $32.69 on Wednesday. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a fifty day simple moving average of $34.56 and a 200 day simple moving average of $33.02. The firm has a market cap of $20.75 billion, a PE ratio of 7.33, a price-to-earnings-growth ratio of 1.93 and a beta of 1.03. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $41.84.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.41 earnings per share. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s payout ratio is currently 21.52%.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.73% of the stock is currently owned by corporate insiders.

About Devon Energy

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.