Hilton Capital Management LLC Makes New $2.71 Million Investment in Devon Energy Corporation $DVN

Hilton Capital Management LLC bought a new position in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 65,586 shares of the energy company’s stock, valued at approximately $2,710,000.

Other institutional investors have also recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the 4th quarter worth about $25,000. JFS Wealth Advisors LLC lifted its position 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 worth $28,000 after purchasing an additional 245 shares during the period. MV Capital Management Inc. purchased a new stake in shares of Devon Energy in the 4th quarter worth approximately $29,000. KERR FINANCIAL PLANNING Corp bought a new position in shares of Devon Energy during the second quarter valued at approximately $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

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

Analysts Set New Price Targets

A number of equities analysts recently commented on DVN shares. Roth Capital reissued a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, April 28th. Truist Financial lifted their price target on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Argus boosted their price target on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Morgan Stanley decreased their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. Finally, Susquehanna raised their price objective on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy Trading Up 3.2%

NYSE DVN opened at $45.83 on Friday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a 50 day moving average price of $43.40 and a 200 day moving average price 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. The firm has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share 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 company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period last year, the firm earned $0.84 earnings per share. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed 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. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

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.