NewEdge Wealth LLC Grows Stock Holdings in Devon Energy Corporation $DVN

NewEdge Wealth LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 20.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 479,681 shares of the energy company’s stock after purchasing an additional 80,000 shares during the period. NewEdge Wealth LLC’s holdings in Devon Energy were worth $24,138,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Tobam grew its position in Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after purchasing an additional 230 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after buying an additional 236 shares during the period. Catalyst Financial Partners LLC lifted its holdings in shares of Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after buying an additional 254 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in shares of Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after buying an additional 257 shares during the last quarter. Finally, Zions Bancorporation National Association UT boosted its stake in shares of Devon Energy by 7.9% in the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after buying an additional 258 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Argus upped their price objective on Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Susquehanna raised their target price on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday. Scotiabank boosted their price target on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Roth Capital reaffirmed a “buy” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, April 28th. Two 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’s stock. Based on data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.56.

Insiders Place Their Bets

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 over the last quarter. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Up 1.8%

Shares of DVN stock opened at $44.89 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $27.89 billion, a price-to-earnings ratio of 12.50 and a beta of 0.38. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm has a fifty day moving average price of $44.22 and a 200-day moving average price of $44.29.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.82 earnings per share. As a group, equities analysts predict that Devon Energy Corporation will post 4.61 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

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.