Sequoia Financial Advisors LLC Purchases 21,285 Shares of Devon Energy Corporation $DVN

Sequoia Financial Advisors LLC lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 31.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 89,209 shares of the energy company’s stock after purchasing an additional 21,285 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Devon Energy were worth $3,686,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DVN. LSV Asset Management raised its holdings in Devon Energy by 79.6% during the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after buying an additional 354,500 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at about $2,089,000. Kimmeridge Energy Management Company LLC increased its position in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after acquiring an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC raised its holdings in shares of Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after acquiring an additional 80,000 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on DVN. Mizuho raised their price target on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a report on Monday, April 20th. Argus increased their price objective on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, June 10th. UBS Group dropped their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Finally, Truist Financial lifted their target price on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $59.60.

Devon Energy Stock Down 0.8%

Devon Energy stock opened at $44.48 on Friday. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a market cap of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. The firm’s 50-day simple moving average is $43.37 and its 200 day simple moving average is $45.13. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business posted $0.84 EPS. The company’s revenue for the quarter was up 73.1% on a year-over-year basis. Research analysts predict that Devon Energy Corporation will post 4.95 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.