Belpointe Asset Management LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 16.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 79,095 shares of the energy company’s stock after buying an additional 11,227 shares during the quarter. Belpointe Asset Management LLC’s holdings in Devon Energy were worth $4,003,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of DVN. Wahed Invest LLC grew its holdings in Devon Energy by 2.1% in 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. Savant Capital LLC lifted its position in Devon Energy by 0.9% during the fourth quarter. Savant Capital LLC now owns 18,931 shares of the energy company’s stock valued at $1,164,000 after buying an additional 164 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its position in Devon Energy by 5.6% during the first quarter. Massmutual Trust Co. FSB ADV now owns 3,573 shares of the energy company’s stock valued at $181,000 after buying an additional 189 shares in the last quarter. Securian Asset Management Inc. lifted its position in Devon Energy by 0.4% during the first quarter. Securian Asset Management Inc. now owns 55,450 shares of the energy company’s stock valued at $2,806,000 after buying an additional 201 shares in the last quarter. Finally, Hazlett Burt & Watson Inc. lifted its position in Devon Energy by 26.9% during the first quarter. Hazlett Burt & Watson Inc. now owns 959 shares of the energy company’s stock valued at $50,000 after buying an additional 203 shares in the last quarter. 68.34% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have recently commented on DVN. Raymond James reduced their target price on shares of Devon Energy from $70.00 to $62.00 and set a “strong-buy” rating on the stock in a research report on Monday, July 24th. The Goldman Sachs Group raised shares of Devon Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $63.00 to $58.00 in a research report on Tuesday, June 13th. UBS Group lifted their price target on shares of Devon Energy from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Thursday, August 17th. Mizuho dropped their price target on shares of Devon Energy from $65.00 to $60.00 and set a “buy” rating for the company in a research note on Wednesday, August 16th. Finally, Stifel Nicolaus lifted their price target on shares of Devon Energy from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Friday, August 25th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $64.74.
Insider Buying and Selling
In related news, EVP Dennis C. Cameron sold 7,870 shares of the company’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.13, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.63% of the company’s stock.
Devon Energy Stock Down 3.6 %
Devon Energy stock opened at $50.78 on Tuesday. The company has a 50-day simple moving average of $50.87 and a 200-day simple moving average of $50.58. The firm has a market capitalization of $32.53 billion, a P/E ratio of 6.95, a P/E/G ratio of 0.18 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. Devon Energy Co. has a one year low of $44.03 and a one year high of $78.82.
Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly earnings results on Tuesday, August 1st. The energy company reported $1.18 EPS for the quarter, hitting the consensus estimate of $1.18. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. The company’s quarterly revenue was down 38.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.59 earnings per share. As a group, equities analysts expect that Devon Energy Co. will post 5.61 earnings per share for the current year.
Devon Energy Cuts Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be issued a $0.49 dividend. This represents a $1.96 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy’s payout ratio is currently 10.94%.
About Devon Energy
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.
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