Dynamic Advisor Solutions LLC grew its holdings in Devon Energy Co. (NYSE:DVN – Get Rating) by 113.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 22,983 shares of the energy company’s stock after acquiring an additional 12,216 shares during the period. Dynamic Advisor Solutions LLC’s holdings in Devon Energy were worth $1,359,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Canton Hathaway LLC bought a new position in Devon Energy in the fourth quarter worth approximately $25,000. Curi Wealth Management LLC bought a new position in Devon Energy in the fourth quarter worth approximately $33,000. AlphaCentric Advisors LLC bought a new position in Devon Energy in the fourth quarter worth approximately $34,000. AdvisorNet Financial Inc raised its position in Devon Energy by 234.4% in the fourth quarter. AdvisorNet Financial Inc now owns 816 shares of the energy company’s stock worth $36,000 after acquiring an additional 572 shares during the period. Finally, Allworth Financial LP raised its position in Devon Energy by 5,012.5% in the fourth quarter. Allworth Financial LP now owns 818 shares of the energy company’s stock worth $36,000 after acquiring an additional 802 shares during the period. Institutional investors and hedge funds own 87.01% of the company’s stock.
In other Devon Energy news, COO Clay M. Gaspar sold 30,000 shares of Devon Energy stock in a transaction on Wednesday, April 13th. The shares were sold at an average price of $63.75, for a total value of $1,912,500.00. Following the completion of the transaction, the chief operating officer now directly owns 765,202 shares of the company’s stock, valued at approximately $48,781,627.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction dated Monday, June 13th. The stock was sold at an average price of $70.27, for a total transaction of $151,080.50. Following the transaction, the director now directly owns 26,858 shares of the company’s stock, valued at $1,887,311.66. The disclosure for this sale can be found here. Insiders sold a total of 64,922 shares of company stock valued at $4,269,519 over the last three months. Corporate insiders own 0.80% of the company’s stock.
Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.14. Devon Energy had a net margin of 25.69% and a return on equity of 36.57%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.02 billion. During the same period last year, the company posted $0.45 EPS. As a group, analysts forecast that Devon Energy Co. will post 9.1 EPS for the current fiscal year.
Devon Energy declared that its board has approved a share repurchase program on Monday, May 2nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the energy company to purchase up to 4.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Monday, June 13th will be paid a $1.27 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $1.00. This represents a $5.08 dividend on an annualized basis and a dividend yield of 8.83%. The ex-dividend date of this dividend is Friday, June 10th. Devon Energy’s dividend payout ratio (DPR) is presently 95.31%.
Several analysts have recently commented on DVN shares. Susquehanna raised their price objective on shares of Devon Energy from $62.00 to $73.00 in a research report on Monday, April 25th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Friday, May 13th. Truist Financial raised their price objective on shares of Devon Energy from $100.00 to $103.00 and gave the company a “buy” rating in a research report on Thursday, June 9th. Stifel Nicolaus raised their price objective on shares of Devon Energy from $88.00 to $93.00 in a research report on Thursday, June 9th. Finally, Morgan Stanley raised their price objective on shares of Devon Energy from $54.00 to $68.00 and gave the company an “equal weight” rating in a research report on Friday, April 22nd. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $74.94.
About Devon Energy (Get Rating)
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
- Get a free copy of the StockNews.com research report on Devon Energy (DVN)
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