Devon Energy Corporation $DVN is Nepsis Inc.’s 7th Largest Position

Nepsis Inc. trimmed its stake in shares of Devon Energy Corporation (NYSE:DVN) by 18.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 369,177 shares of the energy company’s stock after selling 83,226 shares during the period. Devon Energy comprises about 5.2% of Nepsis Inc.’s holdings, making the stock its 7th biggest holding. Nepsis Inc.’s holdings in Devon Energy were worth $15,254,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. QRG Capital Management Inc. increased its stake in Devon Energy by 44.9% in the 2nd quarter. QRG Capital Management Inc. now owns 301,022 shares of the energy company’s stock worth $12,438,000 after purchasing an additional 93,324 shares in the last quarter. Portside Wealth Group LLC purchased a new stake in Devon Energy during the second quarter valued at about $427,000. Encompass More Asset Management purchased a new stake in Devon Energy during the second quarter valued at about $236,000. CWA Asset Management Group LLC boosted its holdings in shares of Devon Energy by 16.4% in the second quarter. CWA Asset Management Group LLC now owns 97,321 shares of the energy company’s stock worth $4,021,000 after buying an additional 13,687 shares during the period. Finally, LRI Investments LLC boosted its holdings in shares of Devon Energy by 151.2% in the second quarter. LRI Investments LLC now owns 2,683 shares of the energy company’s stock worth $111,000 after buying an additional 1,615 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of a number of recent analyst reports. Truist Financial boosted their price target on shares of Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Scotiabank raised their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. JPMorgan Chase & Co. lowered their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.60.

Devon Energy Stock Down 1.2%

DVN opened at $44.87 on Thursday. The company has a market capitalization of $27.88 billion, a PE ratio of 10.66 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The business has a 50-day moving average of $43.40 and a 200-day moving average of $45.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter in the previous year, the business posted $0.84 EPS. The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.91 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s payout ratio is 30.40%.

Insider Buying and Selling

In other Devon Energy news, 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 directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.58% of the stock is owned by corporate insiders.

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.