Elevatus Welath Management Acquires Shares of 58,356 Devon Energy Corporation $DVN

Key Points

• Elevatus Wealth Management has acquired a new stake in Devon Energy Corporation, purchasing 58,356 shares valued at approximately $2.18 million, making it the fund's 21st largest position.
• Several analysts have raised their target prices for Devon Energy, with Tudor, Pickering, Holt & Co. increasing their target from $42 to $44, while UBS raised it from $35 to $37, reflecting a generally positive outlook.
• Devon Energy has recently announced a quarterly dividend of $0.24 per share, which translates to an annualized yield of 2.8%, with a payout ratio of 21.52%.

Elevatus Welath Management bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 58,356 shares of the energy company's stock, valued at approximately $2,183,000. Devon Energy accounts for about 1.2% of Elevatus Welath Management's investment portfolio, making the stock its 21st largest holding.

Other institutional investors and hedge funds also recently modified their holdings of the company. Whittier Trust Co. raised its position in Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after buying an additional 377 shares during the period. Callan Family Office LLC raised its position in Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after buying an additional 377 shares during the period. Hager Investment Management Services LLC increased its position in Devon Energy by 9.9% in the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after purchasing an additional 380 shares during the last quarter. Private Advisor Group LLC increased its position in Devon Energy by 0.4% in the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after purchasing an additional 386 shares during the last quarter. Finally, Sierra Ocean LLC increased its position in Devon Energy by 29.4% in the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after purchasing an additional 388 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. The Goldman Sachs Group upped their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Tudor, Pickering, Holt & Co. upped their target price on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Mizuho dropped their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Jefferies Financial Group upped their target price on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research report on Monday, July 14th. Finally, Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research report on Monday, June 23rd. Fifteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $44.15.

Devon Energy Stock Up 0.5%

Shares of DVN traded up $0.1750 during trading hours on Wednesday, hitting $33.7550. 4,933,415 shares of the company were exchanged, compared to its average volume of 8,962,695. The company has a market cap of $21.43 billion, a PE ratio of 7.57, a PEG ratio of 1.91 and a beta of 1.07. The firm's 50 day moving average is $33.27 and its 200-day moving average is $33.13. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

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, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm's revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.41 EPS. On average, equities research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio is presently 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.