Devon Energy Corporation $DVN Stake Lifted by NFSG Corp

NFSG Corp lifted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 523.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 18,291 shares of the energy company’s stock after acquiring an additional 15,358 shares during the quarter. NFSG Corp’s holdings in Devon Energy were worth $920,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at $25,000. Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy during the fourth quarter worth about $29,000. MV Capital Management Inc. bought a new stake in Devon Energy in the fourth quarter worth about $29,000. Olistico Wealth LLC bought a new stake in Devon Energy in the fourth quarter worth about $31,000. Finally, Elyxium Wealth LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $31,000. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently commented on DVN shares. Wells Fargo & Company boosted their target price on shares of Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Sanford C. Bernstein lifted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Morgan Stanley dropped their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Finally, Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock worth $5,258,059 over the last quarter. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 0.7%

DVN stock opened at $43.43 on Wednesday. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The company’s 50 day simple moving average is $44.53 and its 200-day simple moving average is $43.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The firm has a market capitalization of $26.98 billion, a P/E ratio of 12.10 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the business posted $0.82 EPS. The company’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, equities research analysts anticipate that Devon Energy Corporation will post 4.72 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio is currently 35.65%.

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.