Devon Energy Corporation $DVN Shares Bought by NewEdge Advisors LLC

NewEdge Advisors LLC lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 13.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 130,940 shares of the energy company’s stock after acquiring an additional 15,705 shares during the period. NewEdge Advisors LLC’s holdings in Devon Energy were worth $6,589,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of the company. LSV Asset Management lifted its position in shares of Devon Energy by 79.6% in the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after acquiring an additional 354,500 shares in the last quarter. Morningstar Investment Management LLC acquired a new stake in Devon Energy during the 4th quarter valued at $2,089,000. Kimmeridge Energy Management Company LLC lifted its holdings in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. Illinois Municipal Retirement Fund grew its holdings in shares of Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after buying an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its holdings in shares of Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after buying an additional 80,000 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research analyst reports. Morgan Stanley reduced their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. Susquehanna boosted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Sanford C. Bernstein boosted their price target on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Truist Financial lifted their target price on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $59.72.

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was 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 directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the 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 completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.34 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The firm has a 50 day moving average of $43.44 and a 200-day moving average of $44.99. The company has a market cap of $28.17 billion, a price-to-earnings ratio of 10.77 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period last year, the company posted $0.84 earnings per share. The business’s quarterly revenue was up 73.1% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Corporation will post 4.81 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced 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 is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

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.