Kennedy Investment Group Has $792,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Kennedy Investment Group boosted its stake in Devon Energy Co. (NYSE:DVN) by 51.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 15,649 shares of the energy company’s stock after buying an additional 5,299 shares during the period. Kennedy Investment Group’s holdings in Devon Energy were worth $792,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of DVN. Tyler Stone Wealth Management acquired a new stake in shares of Devon Energy in the 4th quarter valued at $25,000. Clearview Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at $25,000. Crewe Advisors LLC boosted its holdings in shares of Devon Energy by 16,633.3% during the 1st quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after acquiring an additional 499 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy during the 1st quarter valued at $26,000. Finally, KB Financial Partners LLC acquired a new stake in shares of Devon Energy during the 1st quarter valued at $26,000. Institutional investors and hedge funds own 68.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on DVN shares. The Goldman Sachs Group raised Devon Energy from a “neutral” rating to a “buy” rating and cut their price objective for the company from $63.00 to $58.00 in a report on Tuesday, June 13th. UBS Group lifted their price objective on Devon Energy from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Thursday, August 17th. Stifel Nicolaus raised their target price on Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, August 25th. Evercore ISI reduced their target price on Devon Energy from $52.00 to $50.00 in a research note on Monday, July 10th. Finally, Piper Sandler cut their target price on Devon Energy from $72.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, August 14th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $64.74.

Devon Energy Stock Performance

DVN traded down $0.67 during trading hours on Wednesday, hitting $50.72. The stock had a trading volume of 4,013,935 shares, compared to its average volume of 8,802,664. The company’s fifty day simple moving average is $50.92 and its 200 day simple moving average is $50.55. Devon Energy Co. has a 1 year low of $44.03 and a 1 year high of $78.82. The stock has a market cap of $32.50 billion, a PE ratio of 6.95, a price-to-earnings-growth ratio of 0.18 and a beta of 2.34. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.18. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The company’s quarterly revenue was down 38.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.59 EPS. Equities analysts anticipate that Devon Energy Co. will post 5.61 earnings per share for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be issued a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date is Thursday, September 14th. Devon Energy’s payout ratio is presently 10.94%.

Insider Buying and Selling at Devon Energy

In other news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $51.13, for a total transaction of $402,393.10. Following the completion of the sale, the executive vice president now owns 210,548 shares in the company, valued at approximately $10,765,319.24. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.63% of the company’s stock.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.