Transcend Capital Advisors LLC Acquires New Shares in Devon Energy Corporation $DVN

Transcend Capital Advisors LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 7,402 shares of the energy company’s stock, valued at approximately $235,000.

Several other hedge funds have also recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its position in Devon Energy by 4.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 71,550 shares of the energy company’s stock valued at $2,276,000 after purchasing an additional 2,954 shares during the last quarter. Resonant Capital Advisors LLC lifted its position in Devon Energy by 7.1% in the 2nd quarter. Resonant Capital Advisors LLC now owns 61,287 shares of the energy company’s stock valued at $1,950,000 after purchasing an additional 4,088 shares during the last quarter. Brighton Jones LLC lifted its position in Devon Energy by 428.5% in the 2nd quarter. Brighton Jones LLC now owns 29,878 shares of the energy company’s stock valued at $950,000 after purchasing an additional 24,225 shares during the last quarter. MQS Management LLC lifted its position in Devon Energy by 108.1% in the 2nd quarter. MQS Management LLC now owns 20,833 shares of the energy company’s stock valued at $663,000 after purchasing an additional 10,823 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC lifted its position in Devon Energy by 344.9% in the 2nd quarter. Focus Partners Advisor Solutions LLC now owns 37,200 shares of the energy company’s stock valued at $1,183,000 after purchasing an additional 28,839 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 0.1%

DVN opened at $32.01 on Friday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The stock’s fifty day moving average is $34.32 and its 200-day moving average is $33.11. Devon Energy Corporation has a one year low of $25.89 and a one year high of $40.54. The company has a market capitalization of $20.32 billion, a PE ratio of 7.18, a P/E/G ratio of 2.49 and a beta of 1.03.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm earned $1.41 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy’s payout ratio is presently 21.52%.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.71% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages recently weighed in on DVN. Tudor, Pickering, Holt & Co. lifted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Roth Capital began coverage on shares of Devon Energy in a research report on Monday, October 13th. They issued a “buy” rating and a $42.00 price objective on the stock. Bernstein Bank cut their price objective on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 7th. Evercore ISI boosted their price target on shares of Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a research report on Monday, October 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.14.

Devon Energy Company Profile

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.