Cresset Asset Management LLC Has $6.84 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

Cresset Asset Management LLC boosted its position in Devon Energy Co. (NYSE:DVNGet Rating) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 115,745 shares of the energy company’s stock after buying an additional 357 shares during the quarter. Cresset Asset Management LLC’s holdings in Devon Energy were worth $6,844,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. 1832 Asset Management L.P. grew its stake in Devon Energy by 101.4% in the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock valued at $235,861,000 after purchasing an additional 2,691,049 shares in the last quarter. Boston Partners grew its stake in Devon Energy by 36.6% in the first quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock valued at $459,821,000 after purchasing an additional 2,083,360 shares in the last quarter. Bank of Montreal Can grew its stake in Devon Energy by 276.7% in the first quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company’s stock valued at $143,776,000 after purchasing an additional 1,743,220 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Devon Energy in the first quarter valued at approximately $85,234,000. Finally, First Trust Advisors LP grew its stake in Devon Energy by 79.4% in the first quarter. First Trust Advisors LP now owns 3,206,111 shares of the energy company’s stock valued at $189,577,000 after purchasing an additional 1,419,322 shares in the last quarter. Institutional investors and hedge funds own 79.19% of the company’s stock.

Devon Energy Stock Performance

NYSE:DVN opened at $68.51 on Friday. The stock has a market cap of $44.86 billion, a P/E ratio of 8.69 and a beta of 2.47. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. The stock has a 50 day simple moving average of $61.78 and a 200 day simple moving average of $62.74. Devon Energy Co. has a 1-year low of $27.40 and a 1-year high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.21. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The company’s quarterly revenue was up 132.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS. Research analysts anticipate that Devon Energy Co. will post 9.25 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be issued a $1.55 dividend. The ex-dividend date of this dividend is Friday, September 9th. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a yield of 9.05%. Devon Energy’s payout ratio is currently 64.47%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction on Monday, June 13th. The stock was sold at an average price of $70.27, for a total value of $151,080.50. Following the completion of the transaction, the director now directly owns 26,858 shares of the company’s stock, valued at approximately $1,887,311.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total transaction of $242,956.35. Following the completion of the transaction, the executive vice president now owns 270,269 shares of the company’s stock, valued at approximately $14,472,904.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ann G. Fox sold 2,150 shares of the business’s stock in a transaction on Monday, June 13th. The stock was sold at an average price of $70.27, for a total value of $151,080.50. Following the transaction, the director now directly owns 26,858 shares of the company’s stock, valued at approximately $1,887,311.66. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Truist Financial raised their price target on Devon Energy from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, August 10th. Stifel Nicolaus lifted their target price on Devon Energy from $88.00 to $93.00 in a research note on Thursday, June 9th. Morgan Stanley lifted their target price on Devon Energy from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Monday, August 29th. Barclays set a $89.00 target price on Devon Energy in a research note on Tuesday, July 19th. Finally, Mizuho lifted their target price on Devon Energy from $88.00 to $91.00 and gave the stock a “buy” rating in a research note on Thursday, August 18th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $75.53.

About Devon Energy

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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