Devon Energy Corporation $DVN Shares Purchased by HighTower Advisors LLC

HighTower Advisors LLC raised its position in Devon Energy Corporation (NYSE:DVN) by 240.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 493,197 shares of the energy company’s stock after purchasing an additional 348,120 shares during the period. HighTower Advisors LLC’s holdings in Devon Energy were worth $20,379,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Tobam lifted its stake in shares of Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after acquiring an additional 230 shares in the last quarter. Sigma Planning Corp grew its stake in Devon Energy by 3.5% during the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock valued at $285,000 after purchasing an additional 233 shares in the last quarter. TD Private Client Wealth LLC grew its stake in Devon Energy by 3.4% during the 4th 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 in the last quarter. Retirement Planning Group LLC increased its holdings in Devon Energy by 4.5% during the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after purchasing an additional 243 shares during the last quarter. Finally, JFS Wealth Advisors LLC increased its holdings in Devon Energy by 56.6% during the 2nd 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. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DVN has been the subject of several research analyst reports. Seaport Research Partners initiated coverage on Devon Energy in a research note on Thursday, September 3rd. They set a “buy” rating and a $65.00 target price for the company. Mizuho upped their price target on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Argus reissued a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a report on Monday, August 17th. Finally, Truist Financial boosted their target price on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Two investment 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. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $59.23.

Devon Energy Stock Performance

Devon Energy stock opened at $48.44 on Wednesday. The company has a market cap of $53.29 billion, a PE ratio of 11.51, a P/E/G ratio of 1.31 and a beta of 0.37. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a fifty day moving average price of $45.05 and a two-hundred day moving average price of $45.85. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the business posted $0.84 EPS. The company’s quarterly revenue was up 73.1% on a year-over-year basis. Research analysts expect that Devon Energy Corporation will post 5.24 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio is 30.40%.

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.