NewEdge Wealth LLC Buys 80,000 Shares of Devon Energy Corporation $DVN

NewEdge Wealth LLC raised its stake in Devon Energy Corporation (NYSE:DVN) by 20.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 479,681 shares of the energy company’s stock after purchasing an additional 80,000 shares during the quarter. NewEdge Wealth LLC owned 0.08% of Devon Energy worth $24,138,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. State Street Corp raised its holdings in Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after buying an additional 212,074 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares during the period. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after acquiring an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its holdings in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction 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 $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on 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 directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Up 1.8%

Shares of Devon Energy stock opened at $44.89 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a market capitalization of $27.89 billion, a PE ratio of 12.50 and a beta of 0.38. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a 50-day simple moving average of $44.22 and a two-hundred day simple moving average of $44.29.

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

Devon Energy Increases Dividend

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

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Morgan Stanley lowered their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Roth Capital reiterated a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Truist Financial cut their price objective on Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a research report on Thursday, July 9th. Finally, Mizuho boosted their target price on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

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.