WNY Asset Management LLC Purchases Shares of 23,628 Devon Energy Corporation $DVN

WNY Asset Management LLC acquired a new position in Devon Energy Corporation (NYSE:DVN) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 23,628 shares of the energy company’s stock, valued at approximately $976,000.

Several other hedge funds have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new position in shares of Devon Energy in the fourth quarter valued at $25,000. JFS Wealth Advisors LLC raised its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new stake in Devon Energy during the second quarter valued at $28,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy during the second quarter valued at $29,000. Finally, GoalVest Advisory LLC bought a new position in Devon Energy during the second quarter valued at $30,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the topic of a number of research reports. Capital One Financial reduced their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Truist Financial lifted their price target on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wells Fargo & Company reduced their price objective on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Finally, Weiss Ratings downgraded Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Price Performance

DVN stock opened at $47.16 on Friday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $44.09 and a 200 day moving average price of $45.61. The stock has a market cap of $51.88 billion, a PE ratio of 11.20, a P/E/G ratio of 1.29 and a beta of 0.38.

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

Devon Energy Dividend Announcement

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

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

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.