Elyxium Wealth LLC Takes $972,000 Position in Devon Energy Corporation $DVN

Elyxium Wealth LLC acquired a new position in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 23,516 shares of the energy company’s stock, valued at approximately $972,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Hussman Strategic Advisors Inc. grew its position in Devon Energy by 50.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the energy company’s stock valued at $2,603,000 after buying an additional 21,000 shares during the period. Pinnacle Associates Ltd. increased its holdings in Devon Energy by 11.5% during the second quarter. Pinnacle Associates Ltd. now owns 102,488 shares of the energy company’s stock valued at $4,235,000 after buying an additional 10,538 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in Devon Energy in the second quarter worth approximately $20,768,000. Bryn Mawr Trust Advisors LLC bought a new position in Devon Energy in the second quarter worth approximately $202,000. Finally, Oppenheimer & Co. Inc. boosted its stake in shares of Devon Energy by 16.2% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 157,313 shares of the energy company’s stock worth $6,500,000 after acquiring an additional 21,940 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $45.83 on Friday. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 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 company has a 50 day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.84 earnings per share. Equities analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is presently 30.40%.

Insider Transactions at Devon Energy

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Argus boosted their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Raymond James Financial lowered their target price on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Capital One Financial reduced their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target 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.