Volterra Technologies LP Purchases New Stake in Devon Energy Corporation $DVN

Volterra Technologies LP acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) during the 1st quarter, Holdings Channel.com reports. The firm acquired 62,908 shares of the energy company’s stock, valued at approximately $3,166,000. Devon Energy accounts for about 0.4% of Volterra Technologies LP’s investment portfolio, making the stock its 10th largest holding.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter valued at $25,000. MV Capital Management Inc. acquired a new stake in shares of Devon Energy during the fourth quarter worth $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy in the 4th quarter worth about $29,000. Olistico Wealth LLC bought a new position in shares of Devon Energy in the 4th quarter worth about $31,000. Finally, Elyxium Wealth LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Argus raised their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Sanford C. Bernstein lifted their target price on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Truist Financial lowered their target price on Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Finally, Roth Capital reiterated a “buy” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $59.56.

Insider Activity at Devon Energy

In other Devon Energy 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 sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 in the last three months. 4.58% of the stock is owned by company insiders.

Devon Energy Price Performance

NYSE DVN opened at $45.26 on Friday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The stock has a market cap of $28.12 billion, a price-to-earnings ratio of 12.61 and a beta of 0.38. The company has a 50-day moving average price of $44.18 and a two-hundred day moving average price of $44.34.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s quarterly revenue was down 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.82 EPS. Analysts forecast that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is 35.65%.

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.