Equitable Holdings Inc. Invests $1.05 Million in Devon Energy Corporation $DVN

Equitable Holdings Inc. purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 25,487 shares of the energy company’s stock, valued at approximately $1,053,000.

Other institutional investors also recently modified their holdings of the company. Tobam raised its position in Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares during the last quarter. Retirement Planning Group LLC grew its stake in shares of Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after acquiring an additional 243 shares during the period. JFS Wealth Advisors LLC raised its holdings in shares of 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 during the last quarter. Finally, Catalyst Financial Partners LLC raised its holdings in shares of Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after purchasing an additional 254 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $47.42 on Friday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. 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 firm has a 50 day moving average of $44.19 and a 200 day moving average of $45.62.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results 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 analysts’ expectations of $6.01 billion. During the same quarter last year, the company posted $0.84 EPS. The company’s revenue was up 73.1% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

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

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy 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 in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on DVN. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Morgan Stanley lowered 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. Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Truist Financial lifted their price objective on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Finally, Wolfe Research set a $67.00 price objective on Devon Energy and gave the company an “outperform” rating in a research report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $59.15.

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.