DRW Securities LLC Invests $2.71 Million in Devon Energy Corporation $DVN

Key Points

• DRW Securities LLC has acquired a new stake in Devon Energy Corporation valued at approximately $2.71 million by purchasing 72,472 shares in the first quarter.
• Multiple institutional investors have increased their positions in Devon Energy, with 69.72% of the stock now owned by institutional shareholders.
• Devon Energy recently reported an EPS of $0.84 for the quarter, surpassing analysts' expectations of $0.83, with significant year-over-year revenue growth of 9.4%.

DRW Securities LLC acquired a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 72,472 shares of the energy company's stock, valued at approximately $2,710,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy during the 1st quarter valued at $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the first quarter valued at $26,000. Accredited Wealth Management LLC bought a new stake in Devon Energy during the fourth quarter valued at about $28,000. Rakuten Securities Inc. increased its position in Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares in the last quarter. Finally, SouthState Corp raised its stake in shares of Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after buying an additional 771 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently issued reports on DVN. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. BMO Capital Markets increased their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Wolfe Research raised 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 dropped their target price on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Monday, July 7th. Finally, Piper Sandler decreased their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a report on Thursday, August 14th. 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.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Insider Activity at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated 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 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.73% of the company's stock.

Devon Energy Price Performance

NYSE DVN traded down $1.34 during trading on Wednesday, hitting $35.08. 6,858,206 shares of the stock traded hands, compared to its average volume of 7,133,294. 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 $43.47. The firm has a 50-day simple moving average of $33.53 and a 200-day simple moving average of $33.22. The company has a market capitalization of $22.27 billion, a P/E ratio of 8.38, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 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 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 prior year, the company earned $1.41 EPS. The company's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend 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.