Devon Energy Corporation $DVN Stake Increased by Westwind Capital

Key Points

• Westwind Capital increased its Devon Energy stake by 1,300.8% in the second quarter, acquiring 25,664 additional shares for a total holding of 27,637 shares valued at approximately $1.14 million.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, 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% yield.
• Shares opened at $44.48, while analysts maintained an overall “Moderate Buy” consensus with an average price target of $59.60; meanwhile, an insider sold 18,000 shares worth $841,320.

Westwind Capital lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 1,300.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 27,637 shares of the energy company's stock after buying an additional 25,664 shares during the period. Westwind Capital's holdings in Devon Energy were worth $1,142,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Tobam lifted its stake in Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after acquiring an additional 230 shares in the last quarter. TD Private Client Wealth LLC grew its stake in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after acquiring an additional 236 shares in the last quarter. JFS Wealth Advisors LLC grew its stake in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Catalyst Financial Partners LLC increased its holdings in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after purchasing an additional 254 shares during the period. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in shares of Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock valued at $54,000 after purchasing an additional 257 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.58% of the company's stock.

Devon Energy Trading Down 0.8%

Shares of NYSE DVN opened at $44.48 on Friday. The stock has a market cap of $48.93 billion, a price-to-earnings ratio of 10.57 and a beta of 0.38. The business has a 50 day simple moving average of $43.37 and a 200 day simple moving average of $45.13. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. 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 (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share 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 analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company's revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.84 earnings per share. On average, research analysts predict that Devon Energy Corporation will post 4.95 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on DVN. Zacks Research cut shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Argus upped their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Barclays increased their target price on shares of Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 26th. Scotiabank lifted their target price on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Finally, UBS Group lowered their price target on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price 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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source