Modus Advisors LLC Grows Position in Devon Energy Co. (NYSE:DVN)

Modus Advisors LLC grew its position in shares of Devon Energy Co. (NYSE:DVN) by 72.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,497 shares of the energy company’s stock after purchasing an additional 3,565 shares during the quarter. Modus Advisors LLC’s holdings in Devon Energy were worth $411,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Tyler Stone Wealth Management acquired a new position in shares of Devon Energy in the fourth quarter worth about $25,000. Clearview Wealth Advisors LLC acquired a new position in Devon Energy in the 1st quarter worth about $25,000. Crewe Advisors LLC boosted its position in Devon Energy by 16,633.3% during the first quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock worth $25,000 after purchasing an additional 499 shares in the last quarter. Canada Pension Plan Investment Board acquired a new stake in Devon Energy in the first quarter valued at approximately $26,000. Finally, KB Financial Partners LLC acquired a new stake in Devon Energy in the first quarter valued at approximately $26,000. 68.34% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.2 %

Shares of DVN stock traded up $0.10 on Thursday, hitting $50.75. 2,086,981 shares of the stock traded hands, compared to its average volume of 8,785,376. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.90 and a current ratio of 0.98. Devon Energy Co. has a twelve month low of $44.03 and a twelve month high of $78.82. The firm’s 50-day moving average price is $50.96 and its two-hundred day moving average price is $50.56. The stock has a market capitalization of $32.52 billion, a PE ratio of 6.93, a PEG ratio of 0.18 and a beta of 2.34.

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 the consensus estimate of $1.18. The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. Devon Energy’s revenue was down 38.6% on a year-over-year basis. During the same period in the previous year, the business posted $2.59 EPS. As a group, analysts anticipate that Devon Energy Co. will post 5.61 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.49 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.96 annualized dividend and a yield of 3.86%. Devon Energy’s payout ratio is 10.94%.

Insiders Place Their Bets

In other news, EVP Dennis C. Cameron sold 7,870 shares of the stock in a transaction on 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 transaction, the executive vice president now directly owns 210,548 shares in the company, valued at approximately $10,765,319.24. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.63% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on DVN shares. Wells Fargo & Company dropped their price target on shares of Devon Energy from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Friday, September 1st. The Goldman Sachs Group upgraded shares of Devon Energy from a “neutral” rating to a “buy” rating and dropped their target price for the company from $63.00 to $58.00 in a research report on Tuesday, June 13th. Truist Financial reduced their price target on shares of Devon Energy from $69.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, August 3rd. Raymond James lowered their price objective on Devon Energy from $70.00 to $62.00 and set a “strong-buy” rating on the stock in a report on Monday, July 24th. Finally, Evercore ISI reduced their target price on Devon Energy from $52.00 to $50.00 in a report on Monday, July 10th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $64.74.

Devon Energy Company 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.