Ieq Capital LLC Raises Holdings in Devon Energy Corporation $DVN

Key Points

• Ieq Capital LLC significantly increased its stake in Devon Energy Corporation by 109.1%, now owning a total of 172,869 shares worth approximately $6.47 million.
• Devon Energy reported a quarterly EPS of $0.84, surpassing analyst expectations, with revenues reaching $4.28 billion.
• The company announced a quarterly dividend of $0.24 per share, indicating a 2.7% yield based on the current stock price.

Ieq Capital LLC increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 109.1% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 172,869 shares of the energy company's stock after buying an additional 90,210 shares during the quarter. Ieq Capital LLC's holdings in Devon Energy were worth $6,465,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy during the 1st quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy during the 1st quarter valued at approximately $26,000. Rakuten Securities Inc. raised its position 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 valued at $31,000 after buying an additional 405 shares during the period. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at approximately $28,000. Finally, SouthState Corp raised its position in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research report on Monday, July 7th. Tudor, Pickering, Holt & Co. boosted their target price on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. Finally, Wolfe Research upped their price objective on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Sixteen 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 stock presently has an average rating of "Moderate Buy" and an average target price of $44.15.

Insider Activity

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.73% of the company's stock.

Devon Energy Stock Up 0.7%

Shares of NYSE DVN traded up $0.24 during mid-day trading on Friday, hitting $36.12. The company had a trading volume of 6,145,109 shares, compared to its average volume of 7,525,975. The company has a market capitalization of $22.93 billion, a PE ratio of 8.10, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $45.34. The business's 50-day simple moving average is $33.39 and its 200 day simple moving average is $33.19.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the firm earned $1.41 earnings per share. On average, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Devon Energy Company 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.