Arkadios Wealth Advisors Has $7.25 Million Stock Holdings in Devon Energy Corporation $DVN

Arkadios Wealth Advisors raised its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 21.9% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 144,030 shares of the energy company's stock after buying an additional 25,915 shares during the period. Arkadios Wealth Advisors' holdings in Devon Energy were worth $7,248,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Encore Global Management LP bought a new position in shares of Devon Energy in the 1st quarter valued at about $503,000. Opal Capital LLC bought a new stake in shares of Devon Energy during the first quarter worth approximately $6,116,000. Gould Capital LLC raised its stake in shares of Devon Energy by 19.5% during the first quarter. Gould Capital LLC now owns 38,241 shares of the energy company's stock worth $1,924,000 after buying an additional 6,240 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Devon Energy by 12.4% in the first quarter. EverSource Wealth Advisors LLC now owns 27,934 shares of the energy company's stock valued at $1,406,000 after buying an additional 3,084 shares during the period. Finally, Readystate Asset Management LP acquired a new position in Devon Energy in the first quarter valued at approximately $3,863,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Susquehanna lifted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a research note on Tuesday, July 21st. Wall Street Zen lowered Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Zacks Research cut Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Morgan Stanley decreased their target price on Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, June 26th. Finally, Sanford C. Bernstein boosted their target price on Devon Energy from $42.00 to $59.00 and gave the stock an "outperform" rating in a research report on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $59.56.

Devon Energy Stock Performance

DVN stock opened at $44.23 on Friday. 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 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The firm has a market cap of $27.48 billion, a PE ratio of 12.32 and a beta of 0.38. The business's 50-day moving average price is $43.68 and its two-hundred day moving average price is $44.63.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter last year, the company earned $0.82 earnings per share. The firm's revenue was down 14.5% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy's payout ratio is presently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company's stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

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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