16,223 Shares in Devon Energy Corporation $DVN Acquired by Independent Financial Group LLC

Independent Financial Group LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 16,223 shares of the energy company’s stock, valued at approximately $816,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Wealthfront Advisers LLC grew its position in Devon Energy by 1.2% in the first quarter. Wealthfront Advisers LLC now owns 251,157 shares of the energy company’s stock worth $12,638,000 after acquiring an additional 3,074 shares in the last quarter. D.A. Davidson & CO. raised its position in Devon Energy by 0.9% during the first quarter. D.A. Davidson & CO. now owns 92,927 shares of the energy company’s stock valued at $4,676,000 after purchasing an additional 801 shares in the last quarter. Bank of New York Mellon Corp raised its position in Devon Energy by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 4,054,952 shares of the energy company’s stock valued at $204,045,000 after purchasing an additional 49,295 shares in the last quarter. Blackhawk Capital Partners LLC lifted its stake in Devon Energy by 29.6% during the first quarter. Blackhawk Capital Partners LLC now owns 11,066 shares of the energy company’s stock worth $557,000 after purchasing an additional 2,530 shares during the last quarter. Finally, Illinois Municipal Retirement Fund lifted its stake in Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy 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 transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The shares were 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 of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock valued at $5,258,059 in the last ninety days. Company insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $44.08 on Wednesday. The company has a 50-day simple moving average of $44.26 and a two-hundred day simple moving average of $44.23. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a market cap of $27.39 billion, a price-to-earnings ratio of 12.28 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter in the prior year, the firm posted $0.82 EPS. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Corporation will post 4.61 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio is 35.65%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on DVN shares. Morgan Stanley reduced their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, June 10th. Royal Bank Of Canada upped their target price on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 8th. Roth Capital reiterated a “buy” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an “outperform” rating in a research report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.56.

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.