Devon Energy Corporation (NYSE:DVN) Shares Purchased by Westpac Banking Corp

Key Points

• Westpac Banking Corp increased its stake in Devon Energy Corporation by 48.3%, owning 24,126 shares worth approximately $902,000 as of the latest filing with the SEC.
• Devon Energy announced a quarterly dividend of $0.24 per share, which will be paid on September 30th, resulting in an annual yield of 2.9%.
• The company's recent earnings report showed a net revenue of $4.28 billion for the quarter, exceeding analyst expectations and reflecting a 9.4% year-over-year increase.

Westpac Banking Corp boosted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 48.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 24,126 shares of the energy company's stock after purchasing an additional 7,858 shares during the quarter. Westpac Banking Corp's holdings in Devon Energy were worth $902,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise purchased a new stake in Devon Energy in the 1st quarter valued at about $26,000. Financial Gravity Asset Management Inc. purchased a new stake in Devon Energy in the 1st quarter valued at about $26,000. Rakuten Securities Inc. grew its holdings in Devon Energy by 94.6% in 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 worth about $28,000. 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 during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN opened at $33.59 on Thursday. The business's fifty day moving average price is $33.17 and its 200 day moving average price is $33.18. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. The stock has a market capitalization of $21.32 billion, a PE ratio of 7.53, a price-to-earnings-growth ratio of 1.89 and a beta of 1.07. 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 (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, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. The firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same period last year, the business posted $1.41 earnings per share. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. Equities research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on DVN shares. The Goldman Sachs Group increased their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. BMO Capital Markets increased their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research report on Monday, July 14th. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Susquehanna dropped their target price on shares of Devon Energy from $52.00 to $41.00 and set a "positive" rating for the company in a research report on Tuesday, April 22nd. Finally, Tudor, Pickering, Holt & Co. increased their target price on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Eleven equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and an average price target of $43.96.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.71% of the company's stock.

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.

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