Independent Financial Group LLC Has $1.25 Million Stock Position in Devon Energy Corporation $DVN

Independent Financial Group LLC grew its stake in Devon Energy Corporation (NYSE:DVN) by 86.5% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 30,262 shares of the energy company’s stock after buying an additional 14,039 shares during the quarter. Independent Financial Group LLC’s holdings in Devon Energy were worth $1,250,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Security National Bank boosted its position in shares of Devon Energy by 5.4% during the second quarter. Security National Bank now owns 17,106 shares of the energy company’s stock worth $707,000 after buying an additional 876 shares during the period. Hartford Investment Management Co. grew its stake in shares of Devon Energy by 80.0% during the 2nd quarter. Hartford Investment Management Co. now owns 63,718 shares of the energy company’s stock worth $2,633,000 after acquiring an additional 28,315 shares in the last quarter. Westwind Capital grew its stake in shares of Devon Energy by 1,300.8% during the 2nd quarter. Westwind Capital now owns 27,637 shares of the energy company’s stock worth $1,142,000 after acquiring an additional 25,664 shares in the last quarter. Cliftonlarsonallen Wealth Advisors LLC raised its holdings in shares of Devon Energy by 5.2% in the second quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 104,931 shares of the energy company’s stock valued at $4,336,000 after purchasing an additional 5,229 shares during the last quarter. Finally, Cerro Pacific Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the second quarter valued at approximately $207,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several recent research reports. Argus increased their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. UBS Group lowered their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Capital One Financial cut their price objective on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Two investment 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 stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Stock Down 0.8%

NYSE DVN opened at $44.48 on Friday. The business has a fifty day moving average price of $43.37 and a two-hundred day moving average price of $45.13. The stock has a market capitalization of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the company posted $0.84 EPS. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. Equities analysts expect that Devon Energy Corporation will post 4.95 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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 dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy’s payout ratio is presently 30.40%.

Insider Buying and Selling

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

About Devon Energy

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.