Northwestern Mutual Wealth Management Co. Invests $1.74 Million in Devon Energy Corporation $DVN

Northwestern Mutual Wealth Management Co. purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 42,179 shares of the energy company’s stock, valued at approximately $1,743,000.

Other institutional investors have also added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy during the fourth quarter worth $25,000. JFS Wealth Advisors LLC grew 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 valued at $28,000 after acquiring an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy during the second quarter worth about $29,000. GoalVest Advisory LLC bought a new position in Devon Energy during the second quarter worth about $30,000. Finally, SouthState Bank Corp raised its stake in Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after purchasing an additional 486 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on 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 directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is owned by company insiders.

Devon Energy Trading Down 1.8%

Shares of Devon Energy stock opened at $48.22 on Tuesday. The company has a market capitalization of $53.05 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 1.35 and a beta of 0.38. 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 Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm’s 50-day moving average price is $43.82 and its two-hundred day moving average price is $45.54.

Devon Energy (NYSE:DVN) last issued its 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. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 EPS. On average, analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed 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. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Barclays cut their price objective on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Truist Financial raised their target price on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Raymond James Financial dropped their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 16th. JPMorgan Chase & Co. cut their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Finally, Jefferies Financial Group raised their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. 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 stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

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.