Devon Energy Corporation $DVN Position Increased by Total Wealth Planning & Management Inc.

Key Points

• Total Wealth Planning & Management Inc. increased its position in Devon Energy by 62.8%, owning 20,160 shares valued at approximately $641,000.
• Devon Energy reported earnings of $0.84 per share for the last quarter, exceeding analyst estimates by $0.01, and recorded a 9.4% increase in revenue year-over-year.
• The company declared a quarterly dividend of $0.24, translating to an annualized yield of 2.8% with a payout ratio of 21.52%.

Total Wealth Planning & Management Inc. raised its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 62.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,160 shares of the energy company's stock after buying an additional 7,779 shares during the period. Total Wealth Planning & Management Inc.'s holdings in Devon Energy were worth $641,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in DVN. Opal Wealth Advisors LLC bought a new stake in Devon Energy during the second quarter worth approximately $25,000. Financial Gravity Asset Management Inc. bought a new stake in Devon Energy during the first quarter worth approximately $26,000. Banque Cantonale Vaudoise bought a new stake in Devon Energy during the first quarter worth approximately $26,000. Trust Co. of Vermont boosted its holdings in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock worth $30,000 after buying an additional 666 shares in the last quarter. Finally, Rakuten Securities Inc. boosted its stake in Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 1.7%

DVN stock opened at $34.37 on Friday. The company has a market cap of $21.82 billion, a price-to-earnings ratio of 7.71, a PEG ratio of 2.04 and a beta of 1.03. The company has a 50 day moving average of $34.52 and a two-hundred day moving average of $33.14. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $43.29.

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

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date was Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Raymond James Financial reaffirmed an "outperform" rating and issued a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Piper Sandler decreased their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Barclays decreased their price objective on shares of Devon Energy from $42.00 to $40.00 and set an "equal weight" rating for the company in a research note on Tuesday. Siebert Williams Shank raised their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Finally, Bernstein Bank decreased 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 note on Monday, July 7th. Sixteen analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $43.74.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The shares were 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 $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.71% of the stock is owned by corporate insiders.

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.

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