Cibc World Market Inc. Acquires 248,670 Shares of Devon Energy Corporation $DVN

Cibc World Market Inc. grew its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 40.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 857,482 shares of the energy company’s stock after acquiring an additional 248,670 shares during the period. Cibc World Market Inc.’s holdings in Devon Energy were worth $31,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. TD Private Client Wealth LLC raised its holdings in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after purchasing an additional 236 shares during the period. Catalyst Financial Partners LLC grew its holdings in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after purchasing an additional 254 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after buying an additional 257 shares in the last quarter. Murphy Pohlad Asset Management LLC increased its position in Devon Energy by 0.3% in the fourth quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company’s stock worth $4,159,000 after buying an additional 295 shares in the last quarter. Finally, Aprio Wealth Management LLC raised its stake in shares of Devon Energy by 4.1% in the third quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock worth $264,000 after buying an additional 297 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE:DVN opened at $45.98 on Friday. The stock has a 50-day moving average price of $47.73 and a 200 day moving average price of $42.74. The stock has a market capitalization of $28.57 billion, a P/E ratio of 12.81 and a beta of 0.37. Devon Energy Corporation has a 12-month low of $31.32 and a 12-month 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.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. Equities research analysts forecast that Devon Energy Corporation will post 4.47 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s payout ratio is presently 26.74%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on DVN shares. Piper Sandler lifted their price objective on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Morgan Stanley raised their target price on shares of Devon Energy from $59.00 to $66.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. UBS Group lowered their price target on shares of Devon Energy from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. Evercore initiated coverage on shares of Devon Energy in a research report on Friday, May 15th. They issued an “in-line” rating and a $54.00 price target for the company. Finally, Scotiabank increased their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.89.

Insiders Place Their Bets

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 4.58% of the stock is currently owned by corporate insiders.

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.