Kestra Private Wealth Services LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Kestra Private Wealth Services LLC purchased a new stake in shares of Devon Energy Co. (NYSE:DVNGet Rating) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 9,771 shares of the energy company’s stock, valued at approximately $578,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Wahed Invest LLC lifted its position in shares of Devon Energy by 2.1% during the 1st quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock worth $469,000 after buying an additional 161 shares in the last quarter. Quadrant Capital Group LLC increased its position in shares of Devon Energy by 2.3% during the first quarter. Quadrant Capital Group LLC now owns 7,515 shares of the energy company’s stock valued at $445,000 after acquiring an additional 169 shares during the last quarter. Trustcore Financial Services LLC increased its position in shares of Devon Energy by 16.7% during the first quarter. Trustcore Financial Services LLC now owns 1,225 shares of the energy company’s stock valued at $72,000 after acquiring an additional 175 shares during the last quarter. Private Advisor Group LLC increased its position in shares of Devon Energy by 0.3% during the first quarter. Private Advisor Group LLC now owns 56,111 shares of the energy company’s stock valued at $3,318,000 after acquiring an additional 175 shares during the last quarter. Finally, Gotham Asset Management LLC increased its position in shares of Devon Energy by 1.0% during the fourth quarter. Gotham Asset Management LLC now owns 18,612 shares of the energy company’s stock valued at $820,000 after acquiring an additional 187 shares during the last quarter. 79.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on DVN shares. Bank of America decreased their price target on Devon Energy from $80.00 to $66.00 and set a “neutral” rating for the company in a research report on Tuesday, July 19th. The Goldman Sachs Group cut their price target on shares of Devon Energy from $70.00 to $61.00 and set a “neutral” rating on the stock in a report on Tuesday, July 5th. Piper Sandler decreased their price target on shares of Devon Energy from $97.00 to $94.00 in a research note on Friday, July 22nd. Credit Suisse Group raised their price target on shares of Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a research note on Thursday, June 9th. Finally, StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. Eight 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’s stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $75.94.

Devon Energy Stock Down 3.8 %

DVN stock opened at $66.82 on Monday. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $43.75 billion, a PE ratio of 8.48, a PEG ratio of 0.13 and a beta of 2.47. Devon Energy Co. has a twelve month low of $27.40 and a twelve month high of $79.40. The stock has a 50-day simple moving average of $63.43 and a two-hundred day simple moving average of $63.21.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a yield of 9.28%. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Friday, September 9th. Devon Energy’s payout ratio is presently 9.14%.

Insider Buying and Selling

In related news, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the transaction, the executive vice president now directly owns 270,269 shares in the company, valued at $14,472,904.95. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.80% of the stock is owned by company insiders.

Devon Energy Company Profile

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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.

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

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