Devon Energy Corporation $DVN Stock: Leeward Investments LLC MA Grows Stake

Leeward Investments LLC MA lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 6.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 224,644 shares of the energy company’s stock after purchasing an additional 14,510 shares during the quarter. Leeward Investments LLC MA’s holdings in Devon Energy were worth $10,343,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Trueblood Wealth Management LLC raised its holdings in Devon Energy by 9.5% during the third quarter. Trueblood Wealth Management LLC now owns 10,327 shares of the energy company’s stock worth $475,000 after buying an additional 897 shares during the last quarter. Signaturefd LLC lifted its stake in shares of Devon Energy by 6.5% in the third quarter. Signaturefd LLC now owns 21,700 shares of the energy company’s stock valued at $999,000 after buying an additional 1,327 shares in the last quarter. BG Investment Services LLC acquired a new position in shares of Devon Energy during the third quarter valued at about $1,388,000. Citizens Financial Group Inc. RI grew its holdings in shares of Devon Energy by 16.9% during the third quarter. Citizens Financial Group Inc. RI now owns 21,098 shares of the energy company’s stock valued at $971,000 after buying an additional 3,057 shares during the last quarter. Finally, Simplicity Wealth LLC increased its position in shares of Devon Energy by 6.4% during the third quarter. Simplicity Wealth LLC now owns 16,010 shares of the energy company’s stock worth $737,000 after acquiring an additional 966 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Clay M. Gaspar acquired 3,913 shares of Devon Energy stock in a transaction on Monday, September 14th. The stock was acquired at an average cost of $51.08 per share, with a total value of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on DVN shares. Truist Financial lowered their target price on shares of Devon Energy from $65.00 to $61.00 and set a “buy” rating on the stock in a report on Wednesday, October 7th. Seaport Research Partners initiated coverage on shares of Devon Energy in a research report on Thursday, September 3rd. They issued a “buy” rating and a $65.00 price target on the stock. Barclays lifted their price target on Devon Energy from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, October 9th. Morgan Stanley boosted their price objective on Devon Energy from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, October 15th. Finally, Scotiabank started coverage on Devon Energy in a report on Wednesday, October 14th. They set a “sector outperform” rating and a $61.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $60.72.

Devon Energy Price Performance

DVN opened at $51.34 on Monday. 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 company has a market capitalization of $56.48 billion, a price-to-earnings ratio of 12.20, a P/E/G ratio of 1.34 and a beta of 0.49. The firm’s fifty day moving average price is $48.58 and its two-hundred day moving average price is $46.31. Devon Energy Corporation has a 1 year low of $31.65 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates 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 was up 73.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.84 EPS. As a group, analysts anticipate that Devon Energy Corporation will post 5.49 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

About Devon Energy

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.