Elyxium Wealth LLC Invests $972,000 in Devon Energy Corporation $DVN

Key Points

• Elyxium Wealth LLC acquired 23,516 Devon Energy shares worth approximately $972,000 during the second quarter. Institutional investors collectively own 69.72% of the company.
• Analyst sentiment is positive, with a consensus rating of “Moderate Buy” and an average price target of $59.60, above the stock’s reported price of $45.83.
• Devon Energy exceeded quarterly earnings and revenue expectations, reporting $1.57 EPS and $7.42 billion in revenue. The company also announced a $0.32 quarterly dividend, equal to a 2.8% annualized yield.

Elyxium Wealth LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 23,516 shares of the energy company's stock, valued at approximately $972,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Hussman Strategic Advisors Inc. raised its stake in Devon Energy by 50.0% during the second quarter. Hussman Strategic Advisors Inc. now owns 63,000 shares of the energy company's stock valued at $2,603,000 after buying an additional 21,000 shares during the last quarter. Pinnacle Associates Ltd. grew its stake in shares of Devon Energy by 11.5% in the second quarter. Pinnacle Associates Ltd. now owns 102,488 shares of the energy company's stock worth $4,235,000 after acquiring an additional 10,538 shares during the last quarter. Oppenheimer Asset Management Inc. purchased a new stake in shares of Devon Energy in the second quarter worth $20,768,000. Bryn Mawr Trust Advisors LLC bought a new position in shares of Devon Energy during the second quarter valued at $202,000. Finally, Oppenheimer & Co. Inc. increased its holdings in shares of Devon Energy by 16.2% during the second quarter. Oppenheimer & Co. Inc. now owns 157,313 shares of the energy company's stock valued at $6,500,000 after acquiring an additional 21,940 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DVN. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. Tudor Pickering upgraded shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday. Jefferies Financial Group upped their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Finally, Argus increased their price target on shares of Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Devon Energy Price Performance

NYSE DVN opened at $45.83 on Friday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The stock has a 50-day moving average of $43.40 and a 200 day moving average of $45.14. The company has a market capitalization of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the firm posted $0.84 EPS. The business's quarterly revenue was up 73.1% compared to the same quarter last year. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is 30.40%.

Insiders Place Their Bets

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.58% of the company's stock.

Devon Energy Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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