WNY Asset Management LLC Invests $1.07 Million in Devon Energy Corporation $DVN

WNY Asset Management LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) in the first quarter, HoldingsChannel.com reports. The institutional investor acquired 21,218 shares of the energy company’s stock, valued at approximately $1,068,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter worth $25,000. Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy during the fourth quarter worth $29,000. MV Capital Management Inc. acquired a new position in Devon Energy during the fourth quarter worth $29,000. Elyxium Wealth LLC bought a new position in Devon Energy in the fourth quarter valued at $31,000. Finally, DV Equities LLC bought a new position in Devon Energy in the fourth quarter valued at $32,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 112,371 shares of company stock worth $5,258,059. Company insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $45.08 on Friday. The firm has a market capitalization of $28.01 billion, a P/E ratio of 12.56 and a beta of 0.38. 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 firm’s fifty day moving average price is $43.64 and its two-hundred day moving average price is $44.63. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during 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 revenue was down 14.5% on a year-over-year basis. During the same period last year, the business earned $0.82 EPS. As a group, research analysts anticipate that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have commented on DVN shares. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Citigroup raised their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Roth Capital reaffirmed a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Argus upped their target price on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Finally, UBS Group reduced their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

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.