Nepsis Inc. Boosts Stake in Devon Energy Co. (NYSE:DVN)

Nepsis Inc. boosted its stake in Devon Energy Co. (NYSE:DVNFree Report) by 1.7% in the first quarter, HoldingsChannel reports. The firm owned 420,914 shares of the energy company’s stock after acquiring an additional 7,104 shares during the period. Devon Energy accounts for about 5.7% of Nepsis Inc.’s holdings, making the stock its 4th biggest position. Nepsis Inc.’s holdings in Devon Energy were worth $21,121,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Salem Investment Counselors Inc. increased its stake in shares of Devon Energy by 31.4% in the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after acquiring an additional 199 shares during the last quarter. Clearbridge Investments LLC increased its stake in Devon Energy by 2.1% in the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares in the last quarter. Sound Income Strategies LLC raised its holdings in Devon Energy by 60.7% in the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Cullen Frost Bankers Inc. boosted its position in shares of Devon Energy by 5.1% during the fourth quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock worth $253,000 after purchasing an additional 271 shares in the last quarter. Finally, S. R. Schill & Associates grew its holdings in shares of Devon Energy by 3.8% in the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock valued at $353,000 after buying an additional 282 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Activity

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. Bank of America reaffirmed a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Susquehanna increased their target price on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research note on Monday, April 22nd. Truist Financial cut their price target on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research note on Friday, May 3rd. Finally, Stifel Nicolaus raised their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday, April 23rd. Four equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.24.

Read Our Latest Report on Devon Energy

Devon Energy Stock Down 0.9 %

DVN traded down $0.42 on Tuesday, hitting $47.22. 832,465 shares of the company were exchanged, compared to its average volume of 7,364,665. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock’s fifty day moving average is $49.10 and its 200-day moving average is $46.84. The company has a market cap of $29.84 billion, a PE ratio of 9.09, a PEG ratio of 1.20 and a beta of 2.08. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVNGet Free Report) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The business’s revenue was down 5.9% compared to the same quarter last year. Equities research analysts predict that Devon Energy Co. will post 5.27 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

About Devon Energy

(Free Report)

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.

Further Reading

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Co. (NYSE:DVNFree Report).

Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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