738,935 Shares in Devon Energy Corporation $DVN Bought by Empowered Funds LLC

Empowered Funds LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 738,935 shares of the energy company’s stock, valued at approximately $30,533,000. Empowered Funds LLC owned about 0.07% of Devon Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy in the fourth quarter worth approximately $25,000. JFS Wealth Advisors LLC lifted its position in shares of 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 period. Parvin Asset Management LLC acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $28,000. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy in the 2nd quarter valued at $29,000. Finally, GoalVest Advisory LLC acquired a new stake in shares of Devon Energy during the second quarter worth $30,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.7%

DVN stock opened at $47.16 on Friday. The stock’s 50 day simple moving average is $44.09 and its 200 day simple moving average is $45.61. The company has a market cap of $51.88 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.29 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter last year, the firm posted $0.84 earnings per share. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, research analysts expect that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is 30.40%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on DVN shares. Capital One Financial lowered their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. UBS Group lowered their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Mizuho upped their target price on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Morgan Stanley reduced their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Finally, Truist Financial lifted their price objective on shares of Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.58% of the company’s stock.

Devon Energy Company 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.