Gradient Investments LLC Purchases 909 Shares of Devon Energy Co. (NYSE:DVN)

Gradient Investments LLC increased its holdings in Devon Energy Co. (NYSE:DVNGet Rating) by 6,492.9% during the 2nd quarter, Holdings Channel reports. The firm owned 923 shares of the energy company’s stock after buying an additional 909 shares during the period. Gradient Investments LLC’s holdings in Devon Energy were worth $51,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy during the 1st quarter valued at about $26,000. WASHINGTON TRUST Co bought a new stake in Devon Energy during the 1st quarter valued at approximately $26,000. JNBA Financial Advisors grew 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 bought a new position in shares of Devon Energy in the 1st quarter worth approximately $30,000. Finally, Northwest Investment Counselors LLC purchased a new position in shares of Devon Energy in the 1st quarter valued at approximately $33,000. Hedge funds and other institutional investors own 79.19% of the company’s stock.

Devon Energy Price Performance

NYSE DVN opened at $64.48 on Thursday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.55 and a current ratio of 1.55. The company has a market capitalization of $42.22 billion, a price-to-earnings ratio of 8.18, a PEG ratio of 0.13 and a beta of 2.47. The stock has a 50-day moving average of $64.19 and a 200 day moving average of $63.28. Devon Energy Co. has a one year low of $29.21 and a one year high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.21. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The business’s revenue for the quarter was up 132.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.60 earnings per share. On average, sell-side analysts forecast that Devon Energy Co. will post 9.24 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 9.62%. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. Devon Energy’s dividend payout ratio is presently 9.14%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. StockNews.com cut Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, August 3rd. 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. Morgan Stanley boosted their price objective on shares of Devon Energy from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Monday, August 29th. Raymond James raised their target price on shares of Devon Energy from $80.00 to $85.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 17th. Finally, Credit Suisse Group lifted their target price on shares of Devon Energy from $75.00 to $82.00 and gave the company an “outperform” rating in a report on Thursday, June 9th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $77.06.

Insider Transactions at Devon Energy

In related news, EVP Dennis C. Cameron sold 4,537 shares of the company’s stock in a transaction on 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 sale, the executive vice president now 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 can be accessed through this hyperlink. Company insiders own 0.80% of the company’s stock.

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.

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

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