Graypoint LLC Acquires 1,868 Shares of Devon Energy Co. (NYSE:DVN)

Graypoint LLC grew its stake in shares of Devon Energy Co. (NYSE:DVNFree Report) by 28.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 8,420 shares of the energy company’s stock after purchasing an additional 1,868 shares during the period. Graypoint LLC’s holdings in Devon Energy were worth $423,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Salem Investment Counselors Inc. raised its position in Devon Energy by 31.4% during the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock valued at $42,000 after purchasing an additional 199 shares in the last quarter. Retirement Group LLC boosted its stake in Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after buying an additional 199 shares in the last quarter. MCF Advisors LLC raised its stake in shares of Devon Energy by 5.6% during the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after acquiring an additional 215 shares in the last quarter. MTM Investment Management LLC raised its stake in shares of Devon Energy by 4.4% during the first quarter. MTM Investment Management LLC now owns 6,066 shares of the energy company’s stock worth $304,000 after acquiring an additional 253 shares in the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in shares of Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after acquiring an additional 255 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Devon Energy Stock Down 0.3 %

Shares of DVN stock traded down $0.13 during midday trading on Tuesday, reaching $46.39. 739,140 shares of the stock were exchanged, compared to its average volume of 7,270,627. The company’s 50 day moving average is $48.13 and its two-hundred day moving average is $47.02. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The firm has a market cap of $29.32 billion, a PE ratio of 8.83, a price-to-earnings-growth ratio of 1.24 and a beta of 2.07. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09.

Devon Energy (NYSE:DVNGet Free Report) last announced its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter last year, the firm earned $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. Devon Energy’s dividend payout ratio is currently 16.79%.

Analyst Ratings Changes

A number of brokerages recently commented on DVN. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. JPMorgan Chase & Co. boosted their target price on Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday. Morgan Stanley increased their target price on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Tuesday. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday. Finally, Citigroup raised their target price on shares of Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $59.41.

Get Our Latest Research Report on DVN

Devon Energy Company Profile

(Free Report)

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

See Also

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

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