92,919 Shares in Devon Energy Corporation $DVN Bought by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management opened a new position in Devon Energy, buying 92,919 shares valued at about $3.4 million in the fourth quarter.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, putting the annualized payout at $1.28 and the yield at about 2.6%.
• Analysts remain generally bullish on DVN, with the stock carrying a Moderate Buy consensus and an average price target of $56.41, even after the company’s latest earnings slightly missed expectations.

iA Global Asset Management Inc. acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 92,919 shares of the energy company's stock, valued at approximately $3,404,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Security National Bank grew its holdings in shares of Devon Energy by 94.5% during the fourth quarter. Security National Bank now owns 16,311 shares of the energy company's stock worth $597,000 after purchasing an additional 7,924 shares in the last quarter. AlphaCore Capital LLC purchased a new stake in Devon Energy in the fourth quarter valued at approximately $505,000. DNB Asset Management AS lifted its position in Devon Energy by 0.4% during the fourth quarter. DNB Asset Management AS now owns 122,555 shares of the energy company's stock valued at $4,489,000 after purchasing an additional 494 shares during the last quarter. Convergence Investment Partners LLC purchased a new position in Devon Energy in the 4th quarter worth approximately $874,000. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Devon Energy by 413.5% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 139,291 shares of the energy company's stock worth $5,102,000 after buying an additional 112,166 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Argus raised their price objective on shares of Devon Energy from $41.00 to $51.00 and gave the company a "buy" rating in a research report on Thursday, February 26th. Wells Fargo & Company reiterated an "overweight" rating and issued a $66.00 target price on shares of Devon Energy in a research report on Monday, April 20th. Piper Sandler raised their price target on Devon Energy from $59.00 to $67.00 and gave the company an "overweight" rating in a research report on Thursday, March 12th. Sanford C. Bernstein upped their target price on Devon Energy from $42.00 to $59.00 and gave the stock an "outperform" rating in a research note on Monday, April 13th. Finally, UBS Group reduced their price target on shares of Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a research report on Tuesday, April 14th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $56.41.

Devon Energy Stock Up 0.1%

Shares of NYSE:DVN opened at $49.55 on Monday. The stock has a market capitalization of $30.79 billion, a P/E ratio of 13.80 and a beta of 0.43. The stock's 50-day moving average price is $47.75 and its 200-day moving average price is $41.44. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12-month low of $30.24 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the firm posted $0.82 EPS. The company's revenue was down 14.5% on a year-over-year basis. On average, equities analysts anticipate that Devon Energy Corporation will post 5.25 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy's payout ratio is currently 26.74%.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president directly owned 130,540 shares of the company's stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.73% 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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