VitalStone Financial LLC Purchases 26,352 Shares of Devon Energy Co. (NYSE:DVN)

VitalStone Financial LLC lifted its position in Devon Energy Co. (NYSE:DVN) by 615.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 30,632 shares of the energy company’s stock after purchasing an additional 26,352 shares during the quarter. Devon Energy comprises approximately 1.1% of VitalStone Financial LLC’s portfolio, making the stock its 18th largest holding. VitalStone Financial LLC’s holdings in Devon Energy were worth $1,354,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Prospera Financial Services Inc increased its holdings in shares of Devon Energy by 33.7% in the first quarter. Prospera Financial Services Inc now owns 21,322 shares of the energy company’s stock worth $1,080,000 after purchasing an additional 5,380 shares during the period. Westfield Capital Management Co. LP increased its stake in Devon Energy by 0.8% in the first quarter. Westfield Capital Management Co. LP now owns 1,933,809 shares of the energy company’s stock valued at $97,870,000 after acquiring an additional 15,437 shares during the last quarter. Wetherby Asset Management Inc. increased its stake in Devon Energy by 1.5% in the first quarter. Wetherby Asset Management Inc. now owns 48,792 shares of the energy company’s stock valued at $2,469,000 after acquiring an additional 709 shares during the last quarter. Marathon Trading Investment Management LLC bought a new position in Devon Energy in the first quarter valued at $607,000. Finally, Gamco Investors INC. ET AL increased its stake in Devon Energy by 5.3% in the first quarter. Gamco Investors INC. ET AL now owns 11,006 shares of the energy company’s stock valued at $557,000 after acquiring an additional 550 shares during the last quarter. Institutional investors own 68.34% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $52.66 on Friday. The firm has a market capitalization of $33.74 billion, a price-to-earnings ratio of 7.20, a PEG ratio of 0.19 and a beta of 2.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.90 and a current ratio of 0.98. The firm has a 50 day moving average price of $50.83 and a 200-day moving average price of $50.65. Devon Energy Co. has a 52-week low of $44.03 and a 52-week high of $78.82.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, meeting the consensus estimate of $1.18. The company had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.26 billion. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. The firm’s quarterly revenue was down 38.6% compared to the same quarter last year. During the same quarter last year, the firm earned $2.59 earnings per share. Equities research analysts forecast that Devon Energy Co. will post 5.61 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 3.72%. The ex-dividend date is Thursday, September 14th. Devon Energy’s dividend payout ratio (DPR) is currently 10.94%.

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 7,870 shares of the firm’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $51.13, for a total transaction of $402,393.10. Following the completion of the sale, the executive vice president now owns 210,548 shares of the company’s stock, valued at $10,765,319.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.63% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. Wells Fargo & Company reduced their target price on Devon Energy from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Friday, September 1st. The Goldman Sachs Group raised Devon Energy from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $63.00 to $58.00 in a research note on Tuesday, June 13th. Stifel Nicolaus raised their price objective on Devon Energy from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Friday, August 25th. Mizuho dropped their target price on shares of Devon Energy from $65.00 to $60.00 and set a “buy” rating for the company in a report on Wednesday, August 16th. Finally, Piper Sandler dropped their target price on shares of Devon Energy from $72.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, August 14th. One analyst has rated the stock with a sell rating, seven have issued a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $64.74.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.