Simplicity Wealth LLC Buys Shares of 15,044 Devon Energy Corporation $DVN

Simplicity Wealth LLC acquired a new position in Devon Energy Corporation (NYSE:DVN) in the second quarter, HoldingsChannel reports. The firm acquired 15,044 shares of the energy company’s stock, valued at approximately $622,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the 4th quarter valued at about $25,000. JFS Wealth Advisors LLC grew its holdings in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy in the 2nd quarter worth $29,000. GoalVest Advisory LLC purchased a new position in shares of Devon Energy in the second quarter valued at about $30,000. Finally, SouthState Bank Corp increased its position in shares of Devon Energy by 173.6% in the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after acquiring an additional 486 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Capital One Financial cut their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Truist Financial boosted their price objective on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Trading Up 3.9%

Devon Energy stock opened at $47.62 on Tuesday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a market capitalization of $52.38 billion, a price-to-earnings ratio of 11.31 and a beta of 0.38. The firm has a 50 day moving average of $43.45 and a 200 day moving average of $45.24. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. As a group, research analysts predict that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s payout ratio is 30.40%.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on 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 owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 4.58% of the company’s stock.

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.