TD Private Client Wealth LLC Raises Stake in Devon Energy Corporation $DVN

TD Private Client Wealth LLC lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 31.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 6,448 shares of the energy company’s stock after purchasing an additional 1,549 shares during the quarter. TD Private Client Wealth LLC’s holdings in Devon Energy were worth $205,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Two Sigma Investments LP purchased a new position in Devon Energy in the 4th quarter worth approximately $256,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Devon Energy in the 4th quarter worth approximately $7,795,000. MassMutual Private Wealth & Trust FSB boosted its holdings in Devon Energy by 94.1% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 8,689 shares of the energy company’s stock worth $325,000 after acquiring an additional 4,212 shares during the period. Versant Capital Management Inc boosted its holdings in Devon Energy by 128.9% in the 1st quarter. Versant Capital Management Inc now owns 2,635 shares of the energy company’s stock worth $99,000 after acquiring an additional 1,484 shares during the period. Finally, GAMMA Investing LLC boosted its holdings in Devon Energy by 6,068.1% in the 1st quarter. GAMMA Investing LLC now owns 726,607 shares of the energy company’s stock worth $27,175,000 after acquiring an additional 714,827 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wolfe Research increased their target price on Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a research note on Monday, June 23rd. BMO Capital Markets raised their price objective on Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. Bernstein Bank dropped their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating on the stock in a research report on Monday, July 7th. Tudor, Pickering, Holt & Co. increased their target price on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, Mizuho dropped their target price on Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.04.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $36.97 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $34.23 and its two-hundred day moving average is $33.15. The company has a market cap of $23.47 billion, a P/E ratio of 8.29, a P/E/G ratio of 2.14 and a beta of 1.09. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.41 EPS. On average, equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy’s payout ratio is currently 21.52%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.