Spirit of America Management Corp NY Acquires 42,350 Shares of Devon Energy Corporation $DVN

Spirit of America Management Corp NY increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 116.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 78,800 shares of the energy company’s stock after buying an additional 42,350 shares during the period. Spirit of America Management Corp NY’s holdings in Devon Energy were worth $3,256,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $25,000. JFS Wealth Advisors LLC raised its position in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. MV Capital Management Inc. bought a new position in Devon Energy in the 4th quarter worth approximately $29,000. KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy during the 2nd quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy during the 4th quarter worth $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $44.87 on Thursday. The firm has a fifty day moving average of $43.40 and a two-hundred day moving average of $45.09. 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 market capitalization of $27.88 billion, a price-to-earnings ratio of 10.66 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the firm earned $0.84 EPS. Devon Energy’s quarterly revenue was up 73.1% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Corporation will post 4.91 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Susquehanna lifted their target price on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research note on Tuesday, July 21st. Capital One Financial cut their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 2nd. Scotiabank raised their price target on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Finally, Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

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.