DnB Asset Management AS Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

DnB Asset Management AS raised its holdings in Devon Energy Co. (NYSE:DVNGet Rating) by 1.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 93,486 shares of the energy company’s stock after acquiring an additional 1,215 shares during the period. DnB Asset Management AS’s holdings in Devon Energy were worth $5,152,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in DVN. WASHINGTON TRUST Co acquired a new position in Devon Energy in the first quarter valued at $26,000. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy during the 1st quarter valued at about $26,000. JNBA Financial Advisors lifted its holdings in shares of Devon Energy by 274.4% during the 1st quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock worth $29,000 after acquiring an additional 365 shares during the period. Riverview Trust Co acquired a new stake in shares of Devon Energy in the first quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Devon Energy in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 79.19% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of the stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the transaction, the executive vice president now directly owns 270,269 shares in the company, valued at approximately $14,472,904.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have weighed in on DVN. Piper Sandler decreased their price target on shares of Devon Energy from $97.00 to $94.00 in a report on Friday, July 22nd. Stifel Nicolaus lifted their target price on Devon Energy from $88.00 to $93.00 in a report on Thursday, June 9th. Credit Suisse Group upped their price target on Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 9th. Bank of America reduced their price objective on Devon Energy from $80.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 19th. Finally, Raymond James increased their target price on shares of Devon Energy from $80.00 to $85.00 and gave the stock a “strong-buy” rating in a research report on Wednesday, August 17th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $75.94.

Devon Energy Stock Performance

Shares of DVN stock opened at $66.82 on Monday. The company’s fifty day moving average price is $63.43 and its two-hundred day moving average price is $63.21. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.55 and a quick ratio of 1.55. The firm has a market capitalization of $43.75 billion, a P/E ratio of 8.48, a P/E/G ratio of 0.13 and a beta of 2.47. Devon Energy Co. has a 12 month low of $27.40 and a 12 month high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last released its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, topping the consensus estimate of $2.38 by $0.21. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the previous year, the firm posted $0.60 earnings per share. The company’s revenue was up 132.8% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Co. will post 9.28 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be given a dividend of $1.55 per share. The ex-dividend date is Friday, September 9th. This represents a $6.20 dividend on an annualized basis and a dividend yield of 9.28%. This is an increase from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s dividend payout ratio (DPR) is presently 9.14%.

About Devon Energy

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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.

Further Reading

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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