Forum Financial Management LP Acquires 334 Shares of Devon Energy Co. (NYSE:DVN)

Forum Financial Management LP raised its holdings in shares of Devon Energy Co. (NYSE:DVNGet Rating) by 2.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,742 shares of the energy company’s stock after acquiring an additional 334 shares during the quarter. Forum Financial Management LP’s holdings in Devon Energy were worth $989,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Journey Strategic Wealth LLC bought a new stake in Devon Energy during the first quarter valued at about $280,000. IHT Wealth Management LLC raised its holdings in Devon Energy by 46.1% during the first quarter. IHT Wealth Management LLC now owns 24,631 shares of the energy company’s stock valued at $1,456,000 after acquiring an additional 7,771 shares during the period. Wetherby Asset Management Inc. raised its holdings in Devon Energy by 4.2% during the first quarter. Wetherby Asset Management Inc. now owns 44,676 shares of the energy company’s stock valued at $2,642,000 after acquiring an additional 1,790 shares during the period. Ethic Inc. increased its holdings in shares of Devon Energy by 9.3% in the first quarter. Ethic Inc. now owns 119,522 shares of the energy company’s stock worth $7,067,000 after purchasing an additional 10,181 shares during the last quarter. Finally, Samalin Investment Counsel LLC increased its holdings in shares of Devon Energy by 185.1% in the first quarter. Samalin Investment Counsel LLC now owns 7,185 shares of the energy company’s stock worth $425,000 after purchasing an additional 4,665 shares during the last quarter. 79.19% of the stock is owned by institutional investors.

Insider Buying and Selling at Devon Energy

In related news, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction that occurred on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total value of $242,956.35. Following the completion of the sale, the executive vice president now owns 270,269 shares in the company, valued at $14,472,904.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DVN. Stifel Nicolaus lifted their target price on Devon Energy from $88.00 to $93.00 in a report on Thursday, June 9th. Piper Sandler reduced their target price on Devon Energy from $97.00 to $94.00 in a report on Friday, July 22nd. Bank of America reduced their target price on Devon Energy from $80.00 to $66.00 and set a “neutral” rating on the stock in a report on Tuesday, July 19th. Mizuho lifted their target price on Devon Energy from $88.00 to $91.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Finally, Credit Suisse Group lifted their target price on Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 9th. Seven analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $75.53.

Devon Energy Stock Up 3.9 %

Shares of NYSE:DVN opened at $71.19 on Tuesday. Devon Energy Co. has a 1 year low of $27.40 and a 1 year high of $79.40. The business has a 50 day simple moving average of $62.10 and a two-hundred day simple moving average of $62.92. The firm has a market capitalization of $46.62 billion, a PE ratio of 9.03 and a beta of 2.47. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.55 and a quick ratio of 1.55.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be given a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 8.71%. The ex-dividend date is Friday, September 9th. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s payout ratio is 64.47%.

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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