DAVENPORT & Co LLC Has $15.62 Million Stake in Devon Energy Corporation $DVN

DAVENPORT & Co LLC grew its position in Devon Energy Corporation (NYSE:DVN) by 1,252.1% during the second quarter, HoldingsChannel.com reports. The firm owned 377,912 shares of the energy company’s stock after buying an additional 349,961 shares during the quarter. DAVENPORT & Co LLC’s holdings in Devon Energy were worth $15,615,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the 4th quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted its position in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the last quarter. KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy during the 2nd quarter worth approximately $29,000. GoalVest Advisory LLC bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $30,000. Finally, SouthState Bank Corp grew its stake in shares of Devon Energy by 173.6% during the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after acquiring an additional 486 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy 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 $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 4.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have recently commented on DVN shares. Mizuho boosted their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Capital One Financial decreased 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 report on Tuesday, June 2nd. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday, June 10th. Finally, Weiss Ratings upgraded shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy Trading Down 1.2%

Shares of Devon Energy stock opened at $44.87 on Thursday. The stock has a market cap of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The business’s 50 day moving average is $43.40 and its 200-day moving average is $45.09.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations 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 was up 73.1% on a year-over-year basis. During the same period last year, the business earned $0.84 earnings per share. Equities research analysts predict that Devon Energy Corporation will post 4.91 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company 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 $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

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.