Core Capital Management & Research inc. Makes New $5.53 Million Investment in Devon Energy Corporation $DVN

Key Points

• Core Capital Management & Research purchased 133,752 Devon Energy shares worth approximately $5.53 million, making DVN its 10th-largest holding and representing 2.9% of its portfolio.
• Analysts maintain a generally bullish outlook, with Devon rated “Moderate Buy” and a consensus price target of $59.23; the company recently exceeded quarterly earnings and revenue expectations.
• Devon Energy shares opened at $49.01, while the company declared a quarterly dividend of $0.32 per share, equivalent to a 2.6% annualized yield.

Core Capital Management & Research inc. acquired a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 133,752 shares of the energy company's stock, valued at approximately $5,527,000. Devon Energy accounts for approximately 2.9% of Core Capital Management & Research inc.'s portfolio, making the stock its 10th largest holding.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC grew its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Devon Energy during the second quarter valued at $28,000. KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy in the 2nd quarter valued at $29,000. Finally, GoalVest Advisory LLC purchased a new stake in Devon Energy in the 2nd quarter worth $30,000. Institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on DVN. Argus reiterated a "buy" rating and issued a $45.85 target price on shares of Devon Energy in a research report on Monday, August 17th. Jefferies Financial Group lifted their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Wall Street Zen cut Devon Energy from a "buy" rating to a "hold" rating in a report on Saturday, September 5th. Truist Financial increased their target price on Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Morgan Stanley cut their target price on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.23.

Devon Energy Trading Up 1.3%

Shares of NYSE DVN opened at $49.01 on Thursday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The business's 50 day moving average is $45.22 and its two-hundred day moving average is $45.88. The stock has a market capitalization of $53.92 billion, a P/E ratio of 11.64, a PEG ratio of 1.32 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company's quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.84 EPS. As a group, research analysts expect that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is presently 30.40%.

Devon Energy Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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