Ellsworth Advisors LLC Purchases New Holdings in Devon Energy Corporation $DVN

Key Points

• Ellsworth Advisors LLC has acquired a new stake in Devon Energy Corporation, buying 133,258 shares valued at approximately $4.98 million, making it the 27th largest holding in their investment portfolio.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, surpassing analyst expectations and reflecting a year-over-year revenue increase of 9.4%.
• The company announced a quarterly dividend of $0.24 per share, representing a 2.7% dividend yield, with the payout set for September 30th.

Ellsworth Advisors LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 133,258 shares of the energy company's stock, valued at approximately $4,984,000. Devon Energy comprises about 1.3% of Ellsworth Advisors LLC's investment portfolio, making the stock its 27th largest holding.

Several other large investors also recently added to or reduced their stakes in the stock. Jacobi Capital Management LLC boosted its position in Devon Energy by 111.5% in the 1st quarter. Jacobi Capital Management LLC now owns 17,174 shares of the energy company's stock valued at $642,000 after buying an additional 9,053 shares during the period. Geneos Wealth Management Inc. boosted its position in Devon Energy by 4.9% in the 1st quarter. Geneos Wealth Management Inc. now owns 9,931 shares of the energy company's stock valued at $371,000 after buying an additional 465 shares during the period. Belpointe Asset Management LLC boosted its position in Devon Energy by 206.3% in the 1st quarter. Belpointe Asset Management LLC now owns 51,025 shares of the energy company's stock valued at $1,908,000 after buying an additional 34,369 shares during the period. Focus Partners Wealth boosted its position in Devon Energy by 7.9% in the 1st quarter. Focus Partners Wealth now owns 162,446 shares of the energy company's stock valued at $6,076,000 after buying an additional 11,850 shares during the period. Finally, Integrity Alliance LLC. boosted its position in Devon Energy by 25.1% in the 1st quarter. Integrity Alliance LLC. now owns 10,335 shares of the energy company's stock valued at $387,000 after buying an additional 2,075 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN opened at $35.48 on Thursday. The company has a 50 day moving average price of $33.83 and a 200-day moving average price of $33.17. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The stock has a market capitalization of $22.52 billion, a PE ratio of 7.95, a PEG ratio of 1.97 and a beta of 1.09. 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 posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy's revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 EPS. Equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed 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. 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 payout ratio is 21.52%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on DVN shares. Wells Fargo & Company boosted their price objective on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. Barclays boosted their price objective 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, August 6th. Morgan Stanley boosted their price objective on shares of Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. William Blair began coverage on shares of Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, UBS Group upped their price target on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently 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 business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.71% of the stock is currently owned by company insiders.

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.

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