Devon Energy Corporation $DVN Shares Acquired by Belpointe Asset Management LLC

Key Points

• Belpointe Asset Management LLC significantly increased its stake in Devon Energy Corporation by 206.3% during the first quarter, now holding 51,025 shares valued at approximately $1.9 million.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, surpassing analyst expectations of $0.83, with a total revenue of $4.28 billion.
• The company announced a quarterly dividend of $0.24 per share, which represents an annual yield of 2.7%.

Belpointe Asset Management LLC lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 206.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 51,025 shares of the energy company's stock after purchasing an additional 34,369 shares during the period. Belpointe Asset Management LLC's holdings in Devon Energy were worth $1,908,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the 1st quarter worth approximately $26,000. Banque Cantonale Vaudoise acquired a new position in shares of Devon Energy during the 1st quarter worth approximately $26,000. Rakuten Securities Inc. boosted its holdings 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 purchasing an additional 405 shares during the last quarter. SouthState Corp boosted its holdings 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 purchasing an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC acquired a new position in shares of Devon Energy during the 1st quarter worth approximately $38,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on DVN. Raymond James Financial restated an "outperform" rating and set a $45.00 target price (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Bernstein Bank reduced their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 7th. Piper Sandler reduced their price target on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Tudor, Pickering, Holt & Co. lifted their price target on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, Wall Street Zen raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $44.15.

Devon Energy Stock Up 3.4%

Shares of NYSE DVN opened at $35.48 on Thursday. The firm has a market cap of $22.52 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 1.97 and a beta of 1.09. 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 52-week low of $25.89 and a 52-week high of $43.29. The business's 50 day moving average is $33.83 and its two-hundred day moving average is $33.17.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 earnings per share. Research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company 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 $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Devon Energy's payout ratio is presently 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on 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 owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% 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. 0.71% of the stock is currently owned by 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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