Kingsview Wealth Management LLC Purchases Shares of 18,485 Devon Energy Corporation $DVN

Kingsview Wealth Management LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 18,485 shares of the energy company’s stock, valued at approximately $764,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy in the fourth quarter worth $25,000. JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the last quarter. Parvin Asset Management LLC bought a new stake in shares of Devon Energy in the 2nd quarter valued at about $28,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy during the 2nd quarter valued at about $29,000. Finally, GoalVest Advisory LLC purchased a new stake in Devon Energy during the 2nd quarter valued at about $30,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.1%

Shares of NYSE:DVN opened at $47.42 on Monday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a market cap of $52.16 billion, a PE ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock’s 50-day moving average is $44.19 and its 200 day moving average is $45.64.

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

Devon Energy Dividend Announcement

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

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.58% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. The Goldman Sachs Group decreased their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Susquehanna raised their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Mizuho raised their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley decreased their target price 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. Finally, Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $59.15.

Devon Energy Company 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.