McAlvany Wealth Management LLC Buys Shares of 41,024 Devon Energy Corporation $DVN

McAlvany Wealth Management LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 41,024 shares of the energy company’s stock, valued at approximately $1,503,000. Devon Energy accounts for about 1.2% of McAlvany Wealth Management LLC’s holdings, making the stock its 25th biggest holding.

A number of other institutional investors have also made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy in the 4th quarter valued at approximately $25,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $29,000. Garton & Associates Financial Advisors LLC purchased a new position in shares of Devon Energy during the 4th quarter worth approximately $29,000. Ameriflex Group Inc. increased its holdings in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the last quarter. Finally, Accredited Wealth Management LLC increased its holdings in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Devon Energy stock opened at $42.21 on Friday. The firm has a market cap of $26.23 billion, a PE ratio of 11.76 and a beta of 0.37. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $46.38 and its two-hundred day moving average is $43.31.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue was down 14.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.82 EPS. On average, research analysts expect that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction 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 transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 112,371 shares of company stock worth $5,258,059. Company insiders own 4.58% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of a number of research reports. UBS Group decreased their price target on Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. JPMorgan Chase & Co. started coverage on Devon Energy in a research note on Monday, June 8th. They issued an “overweight” rating and a $62.00 price objective for the company. Morgan Stanley boosted their price objective on Devon Energy from $59.00 to $66.00 and gave the company an “overweight” rating in a report on Thursday, May 21st. Mizuho increased their target price on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Jefferies Financial Group increased their target price on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.