24,566 Shares in Devon Energy Corporation $DVN Purchased by AlTi Global Inc.

Key Points

• AlTi Global acquired 24,566 Devon Energy shares worth approximately $1.015 million during the second quarter, while institutional investors collectively own 69.72% of the company.
• Devon Energy reported strong quarterly results, with EPS of $1.57 beating estimates by $0.17 and revenue rising 73.1% year over year to $7.42 billion.
• The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized $1.28 payout and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.60.

AlTi Global Inc. acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 24,566 shares of the energy company's stock, valued at approximately $1,015,000.

Several other hedge funds have also recently bought and sold shares of the company. HighTower Advisors LLC raised its position in shares of Devon Energy by 240.0% in the 2nd quarter. HighTower Advisors LLC now owns 493,197 shares of the energy company's stock valued at $20,379,000 after buying an additional 348,120 shares in the last quarter. Affinity Investment Advisors LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $566,000. Gryphon Financial Partners LLC boosted its position in shares of Devon Energy by 113.8% during the 2nd quarter. Gryphon Financial Partners LLC now owns 8,741 shares of the energy company's stock worth $361,000 after acquiring an additional 4,653 shares in the last quarter. KBC Group NV boosted its position in shares of Devon Energy by 46.7% during the 2nd quarter. KBC Group NV now owns 128,174 shares of the energy company's stock worth $5,296,000 after acquiring an additional 40,805 shares in the last quarter. Finally, Montag A & Associates Inc. boosted its position in shares of Devon Energy by 1,333.5% during the 2nd quarter. Montag A & Associates Inc. now owns 2,437 shares of the energy company's stock worth $101,000 after acquiring an additional 2,267 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 3.2%

Shares of Devon Energy stock opened at $45.83 on Friday. The firm's 50 day moving average is $43.40 and its 200 day moving average is $45.14. The firm has a market capitalization of $50.41 billion, a PE 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 current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last issued 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 business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The firm's revenue was up 73.1% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio is 30.40%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Capital One Financial lowered their price objective on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Wall Street Zen raised Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday. Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. Finally, Argus boosted their price target on Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $59.60.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.58% of the company's stock.

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.

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