Confluence Wealth Services Inc. Boosts Stock Holdings in Devon Energy Corporation $DVN

Confluence Wealth Services Inc. lifted its position in Devon Energy Corporation (NYSE:DVN) by 5.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,540 shares of the energy company’s stock after acquiring an additional 2,205 shares during the quarter. Confluence Wealth Services Inc.’s holdings in Devon Energy were worth $1,480,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in DVN. SVB Wealth LLC increased its stake in Devon Energy by 4.1% in the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock valued at $304,000 after buying an additional 321 shares during the last quarter. Whittier Trust Co. increased its position in shares of Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock valued at $72,000 after acquiring an additional 377 shares during the last quarter. Callan Family Office LLC lifted its holdings in Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after acquiring an additional 377 shares during the period. Hager Investment Management Services LLC boosted its position in Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company’s stock worth $158,000 after purchasing an additional 380 shares during the last quarter. Finally, Private Advisor Group LLC grew its stake in Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company’s stock valued at $3,449,000 after purchasing an additional 386 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of recent analyst reports. Morgan Stanley lifted their target price on Devon Energy from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Monday, August 18th. Barclays raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 6th. Raymond James Financial reiterated an “outperform” rating and issued a $45.00 target price (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Jefferies Financial Group raised their price target on shares of Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, July 14th. Finally, Wolfe Research upped their price objective on Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, June 23rd. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $43.81.

Devon Energy Stock Performance

Shares of DVN opened at $34.56 on Monday. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The stock’s 50-day simple moving average is $34.44 and its 200 day simple moving average is $33.14. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock has a market capitalization of $21.94 billion, a price-to-earnings ratio of 7.75, a price-to-earnings-growth ratio of 2.00 and a beta of 1.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy’s revenue was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $1.41 earnings per share. Research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio is 21.52%.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.73% of the stock is owned by corporate insiders.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.