Focus Partners Advisor Solutions LLC Makes New Investment in Devon Energy Corporation $DVN

Key Points

• Focus Partners Advisor Solutions LLC acquired 8,361 shares of Devon Energy Corporation, valued at approximately $313,000, in the first quarter of the year.
• Director Kelt Kindick sold 7,685 shares of Devon Energy at an average price of $33.46, significantly reducing his position by 19.46%.
• Devon Energy announced a quarterly dividend of $0.24 per share, with an annualized yield of 2.8%, payable on September 30th to stockholders of record.

Focus Partners Advisor Solutions LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 8,361 shares of the energy company's stock, valued at approximately $313,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy during the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. lifted its position in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the period. SouthState Corp grew its stake in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after purchasing an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC purchased a new position in shares of Devon Energy in the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of DVN traded down $0.48 during mid-day trading on Friday, hitting $34.81. The company's stock had a trading volume of 7,121,834 shares, compared to its average volume of 6,287,351. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm has a 50-day simple moving average of $33.91 and a 200 day simple moving average of $33.15. The firm has a market capitalization of $22.10 billion, a P/E ratio of 7.80, a P/E/G ratio of 2.03 and a beta of 1.09. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.41 EPS. Analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. BMO Capital Markets lifted their target price on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Siebert Williams Shank lifted their target price on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Raymond James Financial reiterated an "outperform" rating and issued a $45.00 target price (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Finally, William Blair assumed coverage on Devon Energy in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $44.15.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.71% of the company's stock.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.