Empowered Funds LLC Acquires 32,065 Shares of Devon Energy Corporation $DVN

Key Points

• Empowered Funds LLC increased its stake in Devon Energy Corporation by 5.6% in Q1, owning approximately $22.67 million worth of shares, totaling 606,244 shares.
• Analysts have a consensus rating of "Moderate Buy" for Devon Energy, with a consensus target price set at $44.15, reflecting expectations for further growth.
• Devon Energy announced a quarterly dividend of $0.24 per share, resulting in an annualized dividend yield of 2.8%, with the payment date scheduled for September 30th.

Empowered Funds LLC grew its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 5.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 606,244 shares of the energy company's stock after buying an additional 32,065 shares during the quarter. Empowered Funds LLC owned approximately 0.09% of Devon Energy worth $22,674,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Financial Gravity Asset Management Inc. bought a new stake in shares of Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise bought a new stake in shares of Devon Energy in the first quarter worth $26,000. Rakuten Securities Inc. grew its stake in shares of 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 purchasing an additional 405 shares during the last quarter. SouthState Corp grew 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 purchasing an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC bought a new stake in shares of Devon Energy in the first quarter worth $38,000. Institutional investors own 69.72% of the company's stock.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DVN shares. Tudor, Pickering, Holt & Co. boosted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Wolfe Research boosted their price objective 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. Piper Sandler reduced their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. JPMorgan Chase & Co. boosted their price objective 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, Morgan Stanley boosted their target price on shares of Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a report on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Stock Down 0.6%

Shares of NYSE DVN traded down $0.21 during trading on Thursday, hitting $35.31. 6,241,639 shares of the company traded hands, compared to its average volume of 6,211,215. The business's fifty day moving average is $33.88 and its 200 day moving average is $33.16. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The firm has a market capitalization of $22.41 billion, a price-to-earnings ratio of 7.92, a P/E/G ratio of 2.04 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 announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The business's quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is currently 21.52%.

Devon Energy Company 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.