Clear Harbor Asset Management LLC Purchases 21,264 Shares of Devon Energy Corporation $DVN

Key Points

• Clear Harbor Asset Management LLC significantly increased its stake in Devon Energy Corporation by 216% during the second quarter, acquiring an additional 21,264 shares, bringing its total holdings to 31,110 shares valued at approximately $990,000.
• In recent trading, Devon Energy's stock is down 0.6%, with a current market cap of $21.44 billion and an average price target of $44.04 set by analysts, indicating a “Moderate Buy” rating.
• A quarterly dividend of $0.24 per share has been announced, to be paid on September 30th, providing an annualized yield of 2.8%, with the ex-dividend date set for September 15th.

Clear Harbor Asset Management LLC grew its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 216.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 31,110 shares of the energy company's stock after purchasing an additional 21,264 shares during the quarter. Clear Harbor Asset Management LLC's holdings in Devon Energy were worth $990,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. grew its position in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the period. SouthState Corp grew its position in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after buying an additional 771 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $38,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on DVN. Bernstein Bank reduced their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 7th. Tudor, Pickering, Holt & Co. raised their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Siebert Williams Shank lifted their price target on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Jefferies Financial Group lifted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research report on Monday, July 14th. Finally, Mizuho reduced their price target on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $44.04.

Devon Energy Trading Down 0.6%

NYSE DVN opened at $33.77 on Tuesday. The stock has a market capitalization of $21.44 billion, a price-to-earnings ratio of 7.57, a PEG ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The business's fifty day moving average is $33.98 and its 200-day moving average is $33.12.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results 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 company had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $1.41 EPS. Equities research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

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

About Devon Energy

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.

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