CWA Asset Management Group LLC Has $4.02 Million Stock Position in Devon Energy Corporation $DVN

CWA Asset Management Group LLC grew its stake in Devon Energy Corporation (NYSE:DVN) by 16.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 97,321 shares of the energy company’s stock after acquiring an additional 13,687 shares during the quarter. CWA Asset Management Group LLC’s holdings in Devon Energy were worth $4,021,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the 4th quarter valued at $25,000. JFS Wealth Advisors LLC grew its position in Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. MV Capital Management Inc. acquired a new position in Devon Energy during the fourth quarter worth $29,000. KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy during the second quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $29,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s 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 sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $44.87 on Thursday. The business’s fifty day moving average is $43.40 and its two-hundred day moving average is $45.09. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the company posted $0.84 earnings per share. The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.91 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend 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 is currently 30.40%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on DVN shares. Scotiabank boosted their target price on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Citigroup lifted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Morgan Stanley reduced their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Finally, Weiss Ratings raised shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Two 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.60.

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.