Prelude Capital Management LLC Acquires 1,264 Shares of Devon Energy Co. (NYSE:DVN)

Prelude Capital Management LLC raised its position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 17.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,561 shares of the energy company’s stock after purchasing an additional 1,264 shares during the period. Prelude Capital Management LLC’s holdings in Devon Energy were worth $515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Continuum Advisory LLC grew its holdings in Devon Energy by 2.2% during the third quarter. Continuum Advisory LLC now owns 6,605 shares of the energy company’s stock valued at $397,000 after purchasing an additional 143 shares during the period. CRA Financial Services LLC grew its holdings in Devon Energy by 4.1% during the third quarter. CRA Financial Services LLC now owns 3,794 shares of the energy company’s stock valued at $228,000 after purchasing an additional 150 shares during the period. Wahed Invest LLC grew its holdings in Devon Energy by 2.1% during the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after purchasing an additional 161 shares during the period. Transamerica Financial Advisors Inc. grew its holdings in Devon Energy by 9.5% during the third quarter. Transamerica Financial Advisors Inc. now owns 2,013 shares of the energy company’s stock valued at $121,000 after purchasing an additional 174 shares during the period. Finally, Keel Point LLC grew its holdings in Devon Energy by 5.3% during the second quarter. Keel Point LLC now owns 3,596 shares of the energy company’s stock valued at $216,000 after purchasing an additional 182 shares during the period. 78.08% of the stock is owned by institutional investors.

Devon Energy Trading Down 2.3 %

NYSE DVN opened at $51.76 on Monday. The stock’s 50-day simple moving average is $59.73 and its two-hundred day simple moving average is $64.90. Devon Energy Co. has a twelve month low of $48.86 and a twelve month high of $79.40. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $33.85 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.14 and a beta of 2.33.

Devon Energy (NYSE:DVN – Get Rating) last released its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 earnings per share for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The firm had revenue of $4.30 billion for the quarter, compared to analysts’ expectations of $4.29 billion. During the same quarter in the previous year, the business earned $1.39 EPS. The company’s revenue for the quarter was up .6% on a year-over-year basis. Research analysts forecast that Devon Energy Co. will post 7.04 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a None dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be issued a $0.89 dividend. The ex-dividend date is Tuesday, March 14th. This represents a dividend yield of 9.3%. This is an increase from Devon Energy’s previous None dividend of $0.49. Devon Energy’s payout ratio is currently 7.89%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DVN shares. Citigroup cut their price target on Devon Energy from $77.00 to $66.00 and set a “buy” rating for the company in a report on Thursday, February 23rd. Sanford C. Bernstein cut their price target on Devon Energy from $84.00 to $71.00 and set an “outperform” rating for the company in a report on Thursday, February 16th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Monday, February 20th. Piper Sandler cut their price target on Devon Energy from $89.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, March 7th. Finally, Raymond James cut their price target on Devon Energy from $80.00 to $67.00 and set a “strong-buy” rating for the company in a report on Wednesday, February 22nd. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.39.

Insider Transactions at Devon Energy

In other news, EVP Dennis C. Cameron sold 7,179 shares of Devon Energy stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $54.77, for a total value of $393,193.83. Following the transaction, the executive vice president now owns 262,498 shares in the company, valued at $14,377,015.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, EVP Dennis C. Cameron sold 7,179 shares of Devon Energy stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $54.77, for a total value of $393,193.83. Following the transaction, the executive vice president now owns 262,498 shares in the company, valued at $14,377,015.46. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John E. Bethancourt acquired 3,765 shares of the firm’s stock in a transaction dated Friday, February 17th. The stock was bought at an average price of $53.06 per share, for a total transaction of $199,770.90. Following the acquisition, the director now owns 94,669 shares of the company’s stock, valued at approximately $5,023,137.14. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.

Devon Energy Profile

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.