McCollum Christoferson Group LLC Takes $2.82 Million Position in Devon Energy Corporation $DVN

McCollum Christoferson Group LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the second quarter, Holdings Channel reports. The fund acquired 68,302 shares of the energy company’s stock, valued at approximately $2,822,000.

Several other hedge funds also recently added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the fourth quarter worth $25,000. JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% in the 2nd 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. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth $29,000. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Devon Energy during the 2nd quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy during the 4th quarter worth about $29,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

DVN stock opened at $44.87 on Thursday. The business’s fifty day moving average price is $43.40 and its 200 day moving average price is $45.09. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. 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 company has a market capitalization of $27.88 billion, a PE ratio of 10.66 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period last year, the business posted $0.84 EPS. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.91 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on 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 in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on DVN. Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Raymond James Financial lowered their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Susquehanna lifted their price target on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 2nd. Finally, Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.60.

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.