Independent Financial Group LLC Has $1.25 Million Position in Devon Energy Corporation $DVN

Independent Financial Group LLC raised its holdings in Devon Energy Corporation (NYSE:DVN) by 86.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,262 shares of the energy company’s stock after buying an additional 14,039 shares during the quarter. Independent Financial Group LLC’s holdings in Devon Energy were worth $1,250,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Woodline Partners LP raised its position in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $403,000. Jump Financial LLC grew its stake in shares of Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after purchasing an additional 10,464 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after purchasing an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after buying an additional 8,127 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.58% of the company’s stock.

Devon Energy Trading Down 0.8%

NYSE DVN opened at $44.48 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a market capitalization of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. The stock has a 50-day simple moving average of $43.37 and a 200 day simple moving average of $45.13.

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

Devon Energy Dividend Announcement

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

Analyst Ratings Changes

DVN has been the subject of several analyst reports. The Goldman Sachs Group cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Jefferies Financial Group upped their price target on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Scotiabank increased their price objective on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Wolfe Research set a $67.00 price objective on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy 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.