Massmutual Trust Co. FSB ADV Raises Stock Position in Devon Energy Co. (NYSE:DVN)

Posted by MarketBeat News on Mar 19th, 2023

Massmutual Trust Co. FSB ADV boosted its position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 88.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,384 shares of the energy company’s stock after acquiring an additional 1,593 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in Devon Energy were worth $208,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of DVN. Canada Pension Plan Investment Board purchased a new position in Devon Energy in the 1st quarter worth approximately $26,000. SJS Investment Consulting Inc. purchased a new position in Devon Energy in the 3rd quarter worth approximately $29,000. Financial Enhancement Group LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $29,000. Optimum Investment Advisors purchased a new position in Devon Energy in the 3rd quarter worth approximately $30,000. Finally, Absolute Capital Management LLC purchased a new position in Devon Energy in the 3rd quarter worth approximately $35,000. Hedge funds and other institutional investors own 78.08% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, CEO Richard E. Muncrief bought 10,000 shares of Devon Energy stock in a transaction dated Friday, February 17th. The shares were purchased at an average cost of $53.28 per share, with a total value of $532,800.00. Following the transaction, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at $105,173,494.56. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Devon Energy news, CEO Richard E. Muncrief bought 10,000 shares of Devon Energy stock in a transaction dated Friday, February 17th. The shares were purchased at an average cost of $53.28 per share, with a total value of $532,800.00. Following the transaction, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at $105,173,494.56. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Dennis C. Cameron sold 7,179 shares of the company’s stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $54.77, for a total transaction of $393,193.83. Following the completion of the sale, the executive vice president now directly owns 262,498 shares in the company, valued at $14,377,015.46. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

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A number of equities analysts have commented on DVN shares. Piper Sandler cut their price target on shares of Devon Energy from $89.00 to $85.00 and set an “overweight” rating for the company in a research note on Tuesday, March 7th. Truist Financial cut their price target on shares of Devon Energy from $80.00 to $70.00 and set a “buy” rating for the company in a research note on Thursday, February 16th. Susquehanna lowered their price objective on shares of Devon Energy from $79.00 to $72.00 and set a “positive” rating for the company in a report on Thursday, February 16th. Evercore ISI lowered their price objective on shares of Devon Energy from $80.00 to $52.00 in a report on Tuesday, March 14th. Finally, StockNews.com began coverage on shares of Devon Energy in a report on Thursday. They issued a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $72.42.

Devon Energy Stock Down 0.3 %

Shares of NYSE DVN opened at $46.15 on Friday. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 0.55. Devon Energy Co. has a 12 month low of $44.03 and a 12 month high of $79.40. The firm has a market capitalization of $30.18 billion, a PE ratio of 5.06, a price-to-earnings-growth ratio of 0.13 and a beta of 2.33. The firm has a fifty day simple moving average of $58.47 and a two-hundred day simple moving average of $64.11.

Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings data on Wednesday, February 15th. The energy company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.09). Devon Energy had a return on equity of 52.20% and a net margin of 31.38%. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the company posted $1.39 earnings per share. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. Equities analysts expect that Devon Energy Co. will post 6.97 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a None dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be given a $0.89 dividend. The ex-dividend date is Tuesday, March 14th. This is an increase from Devon Energy’s previous None dividend of $0.49. This represents a dividend yield of 9.3%. Devon Energy’s dividend payout ratio is currently 8.77%.

Devon Energy Profile

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.