65,586 Shares in Devon Energy Corporation $DVN Acquired by Hilton Capital Management LLC

Hilton Capital Management LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 65,586 shares of the energy company’s stock, valued at approximately $2,710,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter valued at $25,000. JFS Wealth Advisors LLC raised its stake in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the last quarter. MV Capital Management Inc. acquired a new stake in Devon Energy during the 4th quarter worth about $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy during the 2nd quarter worth about $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in Devon Energy during the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 3.2%

DVN opened at $45.83 on Friday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average price of $43.40 and a 200 day moving average price of $45.14. The company has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the previous year, the firm posted $0.84 EPS. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s payout ratio is currently 30.40%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on DVN shares. Wells Fargo & Company cut their price objective on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday. Zacks Research lowered Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. UBS Group cut their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Argus boosted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Finally, Truist Financial lifted their price target on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president directly 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 Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

About Devon Energy

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.