Eliot Finkel Investment Counsel LLC Purchases 53,805 Shares of Devon Energy Corporation (NYSE:DVN)

Key Points

• Eliot Finkel Investment Counsel LLC increased its stake in Devon Energy Corporation by 61.4% during the first quarter, owning 141,435 shares valued at approximately $5.29 million.
• Devon Energy's recent earnings report showed a net margin of 16.6% and a year-over-year revenue increase of 23.8%, although it missed EPS estimates by $0.06.
• The company announced a quarterly dividend of $0.24, representing a 3.0% dividend yield, with a payout ratio of 21.87%.

Eliot Finkel Investment Counsel LLC raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 61.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 141,435 shares of the energy company's stock after acquiring an additional 53,805 shares during the quarter. Devon Energy makes up about 3.6% of Eliot Finkel Investment Counsel LLC's portfolio, making the stock its 13th largest holding. Eliot Finkel Investment Counsel LLC's holdings in Devon Energy were worth $5,290,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Hurley Capital LLC purchased a new stake in shares of Devon Energy in the fourth quarter valued at about $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Banque Cantonale Vaudoise bought a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Accredited Wealth Management LLC bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Finally, Rakuten Securities Inc. lifted its position in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

DVN has been the subject of several research analyst reports. Barclays lifted their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Wednesday. Piper Sandler reaffirmed an "overweight" rating and issued a $58.00 target price (up from $53.00) on shares of Devon Energy in a research note on Thursday, July 17th. Wolfe Research lifted their target price on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $45.00 target price (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.93.

Devon Energy Stock Up 0.4%

Shares of DVN stock traded up $0.14 on Wednesday, reaching $32.45. 15,770,253 shares of the company's stock traded hands, compared to its average volume of 9,106,828. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The company has a market capitalization of $20.83 billion, a P/E ratio of 7.39, a price-to-earnings-growth ratio of 1.81 and a beta of 1.07. The business's 50 day moving average price is $32.96 and its two-hundred day moving average price is $33.31.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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 21.90% and a net margin of 16.60%. The firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy's dividend payout ratio is 21.87%.

About Devon Energy

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.