NewEdge Advisors LLC Increases Stake in Devon Energy Corporation $DVN

NewEdge Advisors LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 13.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 130,940 shares of the energy company’s stock after purchasing an additional 15,705 shares during the period. NewEdge Advisors LLC’s holdings in Devon Energy were worth $6,589,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Financial Solutions Advisory Group Inc. bought a new position in shares of Devon Energy during the first quarter valued at about $230,000. Cozad Asset Management Inc. boosted its holdings in Devon Energy by 11.3% during the 1st quarter. Cozad Asset Management Inc. now owns 68,945 shares of the energy company’s stock valued at $3,469,000 after acquiring an additional 7,000 shares during the period. Glenmede Trust Co. NA boosted its holdings in Devon Energy by 75.7% during the 1st quarter. Glenmede Trust Co. NA now owns 140,155 shares of the energy company’s stock valued at $7,053,000 after acquiring an additional 60,390 shares during the period. WNY Asset Management LLC bought a new position in Devon Energy during the 1st quarter worth approximately $1,068,000. Finally, Segall Bryant & Hamill LLC bought a new position in Devon Energy during the 1st quarter worth approximately $711,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 5.5%

Shares of NYSE DVN opened at $45.34 on Tuesday. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market cap of $28.17 billion, a price-to-earnings ratio of 10.77 and a beta of 0.38. The business’s 50 day moving average price is $43.44 and its 200-day moving average price is $44.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.Devon Energy’s revenue was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 EPS. On average, sell-side analysts expect that Devon Energy Corporation will post 4.81 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the company’s 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 directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated 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 approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of several recent research reports. Raymond James Financial lowered their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 16th. JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. The Goldman Sachs Group cut their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Finally, UBS Group reduced their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Two research 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $59.72.

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.