Devon Energy Corporation $DVN Shares Bought by Accurate Wealth Management LLC

Key Points

• Accurate Wealth Management LLC increased its holdings in Devon Energy Corporation by 34.2%, owning a total of 38,675 shares worth approximately $1.31 million.
• Multiple institutional investors have recently adjusted their positions in Devon Energy, with SouthState Corp raising its stake by 350.5% during the first quarter.
• Wolfe Research has upgraded Devon Energy's price target from $47.00 to $49.00 while the stock has an average price target of $44.04 based on ratings from sixteen analysts.

Accurate Wealth Management LLC boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 34.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,675 shares of the energy company's stock after acquiring an additional 9,866 shares during the period. Accurate Wealth Management LLC's holdings in Devon Energy were worth $1,313,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in Devon Energy during the second quarter worth about $25,000. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy during the first quarter worth about $26,000. Banque Cantonale Vaudoise acquired a new position in Devon Energy during the first quarter worth about $26,000. Rakuten Securities Inc. raised its position in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the last quarter. Finally, SouthState Corp raised its position in Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after acquiring an additional 771 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred 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 completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on DVN shares. Wolfe Research boosted their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Bernstein Bank cut 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 report on Monday, July 7th. Piper Sandler cut 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 report on Thursday, August 14th. JPMorgan Chase & Co. boosted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Finally, William Blair started coverage on shares of Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $44.04.

Devon Energy Price Performance

Devon Energy stock opened at $34.46 on Wednesday. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The firm has a 50 day moving average price of $34.02 and a 200 day moving average price of $33.13. The company has a market cap of $21.87 billion, a price-to-earnings ratio of 7.73, a PEG ratio of 1.96 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last released 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 firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm earned $1.41 earnings per share. Devon Energy's revenue was up 9.4% compared to the same quarter last year. Sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

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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