Cary Street Partners Financial LLC Acquires 135,393 Shares of Devon Energy Corporation (NYSE:DVN)

Key Points

• Cary Street Partners Financial LLC increased its holdings in Devon Energy Corporation by 267.2% in Q1, acquiring an additional 135,393 shares, bringing their total to 186,067 shares valued at approximately $6.96 million.
• Devon Energy reported a 9.4% year-over-year increase in revenue for the last quarter, with earnings per share beating estimates at $0.84 against a consensus of $0.83.
• Analysts have rated Devon Energy as a "Moderate Buy" with a consensus target price of $43.85, reflecting positive sentiment surrounding the company's stock performance.

Cary Street Partners Financial LLC lifted its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 267.2% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 186,067 shares of the energy company's stock after acquiring an additional 135,393 shares during the quarter. Cary Street Partners Financial LLC's holdings in Devon Energy were worth $6,959,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the 1st quarter valued at about $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Rakuten Securities Inc. grew its stake in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after acquiring an additional 405 shares in the last quarter. Accredited Wealth Management LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $28,000. Finally, Hughes Financial Services LLC bought a new stake in Devon Energy during the 1st quarter worth approximately $38,000. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on DVN shares. Wolfe Research raised their price target on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. JPMorgan Chase & Co. lifted their price objective on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley restated an "overweight" rating and issued a $46.00 target price (up from $44.00) on shares of Devon Energy in a research note on Tuesday, July 15th. Barclays raised their price target on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday. Finally, Piper Sandler reissued an "overweight" rating and set a $58.00 price objective (up previously from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.93.

Devon Energy Trading Down 0.4%

Shares of DVN traded down $0.12 during trading hours on Thursday, hitting $32.34. The company had a trading volume of 10,931,145 shares, compared to its average volume of 7,670,810. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04. The company has a quick ratio of 0.99, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The stock's 50 day moving average price is $33.01 and its 200 day moving average price is $33.26. The firm has a market cap of $20.76 billion, a P/E ratio of 7.25, a P/E/G ratio of 1.84 and a beta of 1.07.

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

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

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.