Corient Private Wealth LP Takes Position in Devon Energy Corporation $DVN

Corient Private Wealth LP bought a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel reports. The fund bought 262,482 shares of the energy company’s stock, valued at approximately $10,846,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the 4th quarter valued at about $25,000. JFS Wealth Advisors LLC raised its stake 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 worth $28,000 after purchasing an additional 245 shares during the last quarter. KERR FINANCIAL PLANNING Corp bought a new position in shares of Devon Energy in the second quarter valued at approximately $29,000. GoalVest Advisory LLC bought a new position in shares of Devon Energy in the second quarter valued at approximately $30,000. Finally, First Bancorp Inc ME purchased a new position in shares of Devon Energy during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $47.42 on Friday. The business’s fifty day simple moving average is $44.19 and its 200 day simple moving average is $45.62. The firm has a market capitalization of $52.16 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the company earned $0.84 EPS. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. As a group, analysts anticipate that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is 30.40%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Weiss Ratings cut Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Capital One Financial cut their price objective on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price for the company in a research note on Wednesday, June 10th. Finally, Raymond James Financial lowered their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $59.15.

Insider Buying and Selling at Devon Energy

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

Devon Energy Profile

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.