8,714 Shares in Devon Energy Corporation (NYSE:DVN) Acquired by Chicago Partners Investment Group LLC

Key Points

• Chicago Partners Investment Group LLC has acquired 8,714 shares of Devon Energy Corporation, valued at approximately $326,000, as reported in its recent 13F filing.
• Institutional investors currently hold 69.72% of Devon Energy's stock, with several firms, including Charles Schwab and Vanguard, increasing their stakes in the company during the first quarter.
• Devon Energy announced a quarterly dividend of $0.24 per share, with a dividend yield of 2.9%, indicating a solid return for shareholders despite recent earnings fluctuations.

Chicago Partners Investment Group LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor bought 8,714 shares of the energy company's stock, valued at approximately $326,000.

Other large investors have also made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. increased its position in shares of Devon Energy by 10.8% during 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 position 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 purchasing an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC increased its position 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 purchasing an additional 20,000 shares in the last quarter. Intact Investment Management Inc. purchased a new stake in shares of Devon Energy during the first quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. boosted its stake in 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 during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Piper Sandler lowered their price objective on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday. The Goldman Sachs Group boosted their price objective on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Wells Fargo & Company set a $43.00 price objective on Devon Energy and gave the stock an "overweight" rating in a research note on Tuesday. Tudor, Pickering, Holt & Co. boosted their price objective on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Raymond James Financial restated an "outperform" rating and issued a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Eleven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.93.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.71% of the company's stock.

Devon Energy Price Performance

DVN stock traded up $0.26 during trading on Thursday, reaching $33.88. 4,719,173 shares of the company were exchanged, compared to its average volume of 9,056,871. The company has a market cap of $21.50 billion, a P/E ratio of 7.60, a PEG ratio of 1.89 and a beta of 1.07. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04. The stock's 50 day moving average price is $33.17 and its 200 day moving average price is $33.18. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's payout ratio is presently 21.52%.

Devon Energy Company 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.