Focus Partners Wealth Purchases 11,850 Shares of Devon Energy Corporation $DVN

Key Points

• Focus Partners Wealth increased its investment in Devon Energy Corporation by 7.9%, acquiring an additional 11,850 shares, bringing their total holdings to 162,446 shares valued at $6,076,000.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, which represents an annualized dividend of $0.96 and a yield of 2.8%.
• Despite a recent decline of 1.4% in stock value, Devon Energy reported a strong quarterly earnings result with $0.84 earnings per share, exceeding analysts' expectations.

Focus Partners Wealth lifted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 7.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 162,446 shares of the energy company's stock after purchasing an additional 11,850 shares during the quarter. Focus Partners Wealth's holdings in Devon Energy were worth $6,076,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in DVN. Financial Gravity Asset Management Inc. bought a new stake in Devon Energy during the first quarter worth approximately $26,000. Banque Cantonale Vaudoise bought a new stake in Devon Energy during the first quarter worth approximately $26,000. Rakuten Securities Inc. increased its stake in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the last quarter. SouthState Corp increased its stake in Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after acquiring an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC bought a new stake in Devon Energy during the first quarter worth approximately $38,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 1.4%

Shares of NYSE DVN opened at $34.81 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The firm has a market capitalization of $22.10 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 2.00 and a beta of 1.09. The stock has a 50 day moving average price of $33.91 and a 200 day moving average price of $33.12. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results 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. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.41 earnings per share. Sell-side analysts expect 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. Investors of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's payout ratio is presently 21.52%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on DVN. Bernstein Bank reduced their price objective on Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a research note on Monday, July 7th. Barclays boosted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. JPMorgan Chase & Co. boosted their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Finally, UBS Group upped their target price on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Insider Activity

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 stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was 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 the SEC website. Insiders own 0.73% of the company's stock.

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.

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