Morningstar Investment Management LLC Buys Shares of 57,027 Devon Energy Corporation $DVN

Morningstar Investment Management LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 57,027 shares of the energy company’s stock, valued at approximately $2,089,000.

A number of other large investors also recently added to or reduced their stakes in DVN. Accredited Wealth Management LLC lifted its position in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the period. Ameriflex Group Inc. lifted its position in Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the period. Neo Ivy Capital Management acquired a new position in Devon Energy during the 3rd quarter valued at about $31,000. Olistico Wealth LLC acquired a new position in Devon Energy during the 4th quarter valued at about $31,000. Finally, Elyxium Wealth LLC acquired a new position in Devon Energy during the 4th quarter valued at about $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated 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 transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.71% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $47.29 on Tuesday. Devon Energy Corporation has a 1 year low of $30.24 and a 1 year 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. The firm has a market capitalization of $29.38 billion, a P/E ratio of 13.17 and a beta of 0.43. The business has a 50-day moving average of $48.16 and a 200-day moving average of $42.11.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the firm earned $0.82 EPS. The company’s revenue for the quarter was down 14.5% on a year-over-year basis. On average, equities analysts anticipate that Devon Energy Corporation will post 5.15 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) is presently 26.74%.

Analysts Set New Price Targets

Several research firms have recently issued reports on DVN. Barclays boosted their target price on Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Monday, March 16th. Jefferies Financial Group boosted their target price on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, May 17th. Argus boosted their target price on Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, February 26th. Finally, Truist Financial began coverage on Devon Energy in a research report on Tuesday, March 24th. They set a “buy” rating and a $63.00 target price for the company. Four analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.30.

Devon Energy Company 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.