Devon Energy Corporation $DVN Shares Acquired by Keeler Thomas Management LLC

Key Points

• Keeler Thomas Management LLC increased its Devon Energy stake by 365% in the second quarter, acquiring 95,028 additional shares for a total of 121,064 shares valued at approximately $5 million.
• Devon Energy reported quarterly EPS of $1.57, exceeding estimates by $0.17, while revenue reached $7.42 billion, up 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, equating to a 2.6% yield.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $59.23 compared with the stock’s recent opening price of $48.58; however, an insider sold 18,000 shares worth $841,320.

Keeler Thomas Management LLC grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 365.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 121,064 shares of the energy company's stock after acquiring an additional 95,028 shares during the quarter. Devon Energy comprises 1.8% of Keeler Thomas Management LLC's investment portfolio, making the stock its 11th biggest holding. Keeler Thomas Management LLC's holdings in Devon Energy were worth $5,002,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the fourth quarter worth approximately $25,000. JFS Wealth Advisors LLC boosted its holdings 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 buying an additional 245 shares in the last quarter. Parvin Asset Management LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at $28,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at $29,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in shares of Devon Energy in the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Activity

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 completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.58% of the company's stock.

Devon Energy Price Performance

Shares of DVN opened at $48.58 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The firm has a 50-day simple moving average of $44.31 and a 200-day simple moving average of $45.67. The company has a market capitalization of $53.44 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for 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 firm's revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS. On average, equities research analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued 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 dividend yield of 2.6%. Devon Energy's payout ratio is presently 30.40%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Citigroup raised their price objective on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a report on Monday. Raymond James Financial cut their target price on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 16th. Jefferies Financial Group lifted their target price on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Finally, Argus reissued a "buy" rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.23.

Devon Energy Company Profile

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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