Devon Energy Corporation $DVN Shares Acquired by Ascent Group LLC

Ascent Group LLC boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 184.2% in the first quarter, HoldingsChannel.com reports. The firm owned 19,784 shares of the energy company’s stock after acquiring an additional 12,822 shares during the period. Ascent Group LLC’s holdings in Devon Energy were worth $740,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new position in Devon Energy in the first quarter worth $26,000. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy in the first quarter worth $26,000. Rakuten Securities Inc. boosted its holdings in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company’s stock worth $31,000 after purchasing an additional 405 shares during the period. SouthState Corp boosted its holdings in Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after purchasing an additional 771 shares during the period. Finally, Hughes Financial Services LLC acquired a new position in Devon Energy in the first quarter worth $38,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following 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 Securities & Exchange Commission, which is available through the SEC website. 0.71% of the stock is currently owned by corporate insiders.

Devon Energy Stock Performance

DVN stock opened at $35.48 on Thursday. 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 $22.52 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The stock’s fifty day moving average is $33.83 and its two-hundred day moving average is $33.17.

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

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy’s payout ratio is currently 21.52%.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Morgan Stanley lifted their price objective on shares of Devon Energy from $46.00 to $49.00 and gave the stock an “overweight” rating in a report on Monday, August 18th. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a report on Tuesday, July 8th. The Goldman Sachs Group raised their target price on Devon Energy from $38.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 15th. William Blair assumed coverage on Devon Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. Finally, Siebert Williams Shank raised their target price on Devon Energy from $47.00 to $52.00 and gave the company a “buy” rating in a research note on Monday, June 23rd. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $44.15.

Devon Energy 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.