Devon Energy Corporation $DVN Shares Acquired by Investment Advisory Services Inc. TX ADV

Key Points

• Investment Advisory Services Inc. TX ADV increased its Devon Energy stake by 590.8% in the second quarter, acquiring 72,910 additional shares for a total position of 85,250 shares valued at approximately $3.52 million. Institutional investors and hedge funds collectively own 69.72% of the company.
• Devon Energy reported quarterly EPS of $1.57, exceeding the $1.40 consensus estimate, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.9% annualized yield.
• Analysts maintain a generally bullish outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $59.60, compared with its reported opening price of $44.87.

Investment Advisory Services Inc. TX ADV increased its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 590.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 85,250 shares of the energy company's stock after acquiring an additional 72,910 shares during the period. Devon Energy makes up about 1.0% of Investment Advisory Services Inc. TX ADV's portfolio, making the stock its 24th largest holding. Investment Advisory Services Inc. TX ADV's holdings in Devon Energy were worth $3,523,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Woodline Partners LP raised its holdings in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after acquiring an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth $403,000. Jump Financial LLC raised its holdings in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock worth $899,000 after acquiring an additional 10,464 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Devon Energy by 17.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after acquiring an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after purchasing an additional 8,127 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm'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 owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.58% of the stock is owned by corporate insiders.

Devon Energy Price Performance

Shares of NYSE DVN opened at $44.87 on Thursday. 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 company has a market cap of $27.88 billion, a price-to-earnings ratio of 10.66 and a beta of 0.38. The stock's 50-day moving average is $43.40 and its two-hundred day moving average is $45.09. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm's revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 EPS. Analysts forecast that Devon Energy Corporation will post 4.91 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy's payout ratio is 30.40%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Citigroup raised their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, May 20th. Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Truist Financial raised their price target on shares of Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wells Fargo & Company set a $65.00 price target on shares of Devon Energy in a research report on Thursday. Finally, Morgan Stanley decreased their price objective on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $59.60.

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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