Choreo LLC Increases Holdings in Devon Energy Corporation $DVN

Choreo LLC increased its position in Devon Energy Corporation (NYSE:DVN) by 78.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,164 shares of the energy company’s stock after acquiring an additional 17,691 shares during the period. Choreo LLC’s holdings in Devon Energy were worth $1,660,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of DVN. Tobam raised its holdings in Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after purchasing an additional 230 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares during the last quarter. JFS Wealth Advisors LLC increased its position in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after buying an additional 245 shares in the last quarter. Catalyst Financial Partners LLC increased its position in shares of Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after buying an additional 254 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC increased its position in shares of Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after buying an additional 257 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $45.83 on Friday. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The business has a fifty day moving average of $43.40 and a 200-day moving average of $45.14. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s revenue was up 73.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 earnings per share. As a group, analysts predict that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy’s payout ratio is presently 30.40%.

Analysts Set New Price Targets

Several research firms have recently issued reports on DVN. UBS Group cut their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday, July 15th. Morgan Stanley lowered their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Scotiabank raised their target price on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.58% of the company’s stock.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.