Devon Energy Corporation $DVN Stock Position Raised by TD Asset Management Inc

TD Asset Management Inc lifted its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 267,322 shares of the energy company's stock after purchasing an additional 16,106 shares during the quarter. TD Asset Management Inc's holdings in Devon Energy were worth $8,504,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy during the 1st quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in shares of Devon Energy during the 2nd quarter worth approximately $25,000. Trust Co. of Vermont grew its holdings in shares of Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock worth $30,000 after purchasing an additional 666 shares in the last quarter. Finally, SouthState Corp grew its holdings in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after purchasing an additional 771 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Raymond James Financial reissued an "outperform" rating and set a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. UBS Group raised their target price on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. BMO Capital Markets raised their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Morgan Stanley cut their target price on Devon Energy from $49.00 to $47.00 and set an "overweight" rating for the company in a research report on Tuesday, October 14th. Finally, Mizuho cut their target price on Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Monday, September 15th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.14.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.73% of the stock is owned by corporate insiders.

Devon Energy Stock Performance

Devon Energy stock opened at $31.73 on Monday. The stock has a 50-day simple moving average of $34.52 and a 200 day simple moving average of $32.90. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $41.06. The stock has a market capitalization of $20.14 billion, a price-to-earnings ratio of 7.12, a P/E/G ratio of 1.87 and a beta of 1.03.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly 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 return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the business posted $1.41 earnings per share. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy's payout ratio is currently 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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