Denali Advisors LLC Buys Shares of 8,537 Devon Energy Corporation $DVN

Denali Advisors LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 8,537 shares of the energy company’s stock, valued at approximately $272,000.

A number of other large investors have also modified their holdings of the business. SVB Wealth LLC grew its stake in shares of Devon Energy by 4.1% during the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after acquiring an additional 321 shares during the last quarter. Yousif Capital Management LLC grew its stake in shares of Devon Energy by 0.4% during the second quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after acquiring an additional 321 shares during the last quarter. MAS Advisors LLC grew its stake in shares of Devon Energy by 4.3% during the second quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock worth $253,000 after acquiring an additional 327 shares during the last quarter. Whittier Trust Co. grew its stake in shares of Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after acquiring an additional 377 shares during the last quarter. Finally, Callan Family Office LLC grew its stake in shares of Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after acquiring an additional 377 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Siebert Williams Shank dropped their price target on Devon Energy from $52.00 to $46.00 and set a “buy” rating on the stock in a research note on Monday, October 13th. Piper Sandler decreased their target price on Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Bernstein Bank decreased their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a report on Monday, July 7th. Evercore ISI lifted their target price on Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a report on Monday, October 6th. Finally, The Goldman Sachs Group decreased their target price on Devon Energy from $41.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, October 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $43.14.

Devon Energy Trading Up 3.2%

Shares of NYSE:DVN opened at $33.44 on Friday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $40.54. The company has a market capitalization of $21.23 billion, a PE ratio of 7.50, a PEG ratio of 2.51 and a beta of 1.03. The business has a 50 day moving average of $34.45 and a two-hundred day moving average of $32.95. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the company posted $1.41 earnings per share. Devon Energy’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s payout ratio is presently 21.52%.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.