Corient Private Wealth LP Invests $10.85 Million in Devon Energy Corporation $DVN

Key Points

• Corient Private Wealth initiated a $10.85 million position in Devon Energy by purchasing 262,482 shares during the second quarter. Institutional investors and hedge funds collectively own 69.72% of DVN.
• Devon Energy reported strong quarterly results, with earnings of $1.57 per share and revenue of $7.42 billion, exceeding analyst estimates; revenue increased 73.1% year over year.
• The company declared a quarterly dividend of $0.32 per share, equivalent to a 2.7% yield, while analysts maintain a “Moderate Buy” consensus rating and an average price target of $59.15.

Corient Private Wealth LP bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 262,482 shares of the energy company's stock, valued at approximately $10,846,000.

Several other hedge funds and other institutional investors have also bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the 4th quarter worth about $25,000. JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares during the period. MV Capital Management Inc. bought a new stake in shares of Devon Energy during the 4th quarter valued at about $29,000. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy during the fourth quarter worth approximately $29,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN opened at $47.42 on Friday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a market cap of $52.16 billion, a PE ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. The stock has a 50-day moving average of $44.19 and a 200-day moving average of $45.62. 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 (NYSE:DVN - Get Free Report) last posted its quarterly 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. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's revenue for the quarter was up 73.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.84 EPS. On average, equities research analysts predict that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy's payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 4.58% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on DVN shares. Argus reiterated a "buy" rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. The Goldman Sachs Group cut their price target on Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective for the company in a research report on Wednesday, June 10th. UBS Group lowered their price objective on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Finally, Barclays dropped their target price on shares of Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $59.15.

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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