9,195 Shares in Devon Energy Corporation $DVN Purchased by IMS Capital Management

Key Points

• IMS Capital Management acquired a new position in Devon Energy Corporation by purchasing 9,195 shares valued at approximately $292,000 during the second quarter.
• The company's recent earnings report showed a net margin of 16.57% and earnings per share of $0.84, surpassing analyst estimates.
• Devon Energy announced a quarterly dividend of $0.24 per share, representing a 2.8% yield with an ex-dividend date of September 15th.

IMS Capital Management purchased a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 9,195 shares of the energy company's stock, valued at approximately $292,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. raised its position in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock worth $10,210,000 after purchasing an additional 26,519 shares in the last quarter. Merit Financial Group LLC increased its holdings in shares of Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after buying an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC increased its holdings in shares of Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after buying an additional 20,000 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Devon Energy during the first quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. increased its holdings in shares of Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after buying an additional 13,860 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Trading Up 2.2%

DVN opened at $34.46 on Wednesday. The firm's fifty day moving average is $34.02 and its two-hundred day moving average is $33.13. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The firm has a market cap of $21.87 billion, a PE ratio of 7.73, a price-to-earnings-growth ratio of 1.96 and a beta of 1.09. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29.

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

Devon Energy Dividend Announcement

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 issued a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Wall Street Analyst Weigh In

Several research firms have recently commented on DVN. Raymond James Financial reissued an "outperform" rating and set a $45.00 price target (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Bernstein Bank decreased their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. William Blair began coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating on the stock. Finally, Mizuho decreased their price target on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.04.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.73% 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.

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