BCGM Wealth Management LLC Invests $2.99 Million in Devon Energy Corporation $DVN

Key Points

• BCGM Wealth Management purchased 72,420 Devon Energy shares worth approximately $2.99 million in the second quarter. Institutional investors collectively own 69.72% of DVN’s outstanding stock.
• Wall Street maintains a favorable outlook, with Devon carrying a “Moderate Buy” consensus rating and an average price target of $59.60, above its reported opening price of $45.83.
• Devon exceeded quarterly expectations, reporting $1.57 in earnings per share and $7.42 billion in revenue, while revenue rose 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, representing a 2.8% annualized yield.

BCGM Wealth Management LLC purchased a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 72,420 shares of the energy company's stock, valued at approximately $2,992,000.

Several other institutional investors have also made changes to their positions in the stock. Pacer Advisors Inc. increased its stake in Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after acquiring an additional 6,097,658 shares during the period. Panagora Asset Management Inc. lifted its position in shares of Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock valued at $132,206,000 after acquiring an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC grew its holdings in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company's stock worth $260,692,000 after purchasing an additional 2,485,603 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DVN. Susquehanna increased their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a research note on Tuesday, July 21st. Citigroup boosted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, May 20th. Wells Fargo & Company cut their price target on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Finally, Truist Financial increased their price target on shares of Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $59.60.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Stock Up 3.2%

Shares of NYSE DVN opened at $45.83 on Friday. The company has a 50 day simple moving average of $43.40 and a 200 day simple moving average of $45.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the firm posted $0.84 EPS. The company's revenue for the quarter was up 73.1% compared to the same quarter last year. On average, research analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The firm 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. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy's payout ratio is 30.40%.

About Devon Energy

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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