Frank Rimerman Advisors LLC Acquires New Stake in Devon Energy Corporation (NYSE:DVN)

Key Points

• Frank Rimerman Advisors LLC acquired a new stake in Devon Energy, purchasing 9,771 shares valued at approximately $365,000 during the first quarter.
• Devon Energy reported a quarterly earnings per share of $0.84, exceeding analysts' expectations of $0.83, and generated $4.28 billion in revenue for the quarter.
• The company announced a quarterly dividend of $0.24, with a dividend yield of 2.9% and a payout ratio of 21.52%.

Frank Rimerman Advisors LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 9,771 shares of the energy company's stock, valued at approximately $365,000.

Other large investors also recently bought and sold shares of the company. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy in the 1st quarter worth $26,000. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the 1st quarter worth $26,000. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the 4th quarter worth $28,000. Rakuten Securities Inc. lifted its holdings in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in shares of Devon Energy in the 1st quarter worth $38,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 2.7%

Shares of DVN stock opened at $33.25 on Monday. The stock's 50-day simple moving average is $33.07 and its 200-day simple moving average is $33.19. 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 $21.11 billion, a PE ratio of 7.46, a P/E/G ratio of 1.89 and a beta of 1.07. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $46.04.

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 analysts' consensus estimates of $0.83 by $0.01. The business had revenue of $4.28 billion for 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%. The company's revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 earnings per share. Equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid 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 2.9%. Devon Energy's dividend payout ratio is presently 21.52%.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. BMO Capital Markets upped their target price on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Wells Fargo & Company upped their target price on Devon Energy from $41.00 to $42.00 and gave the stock an "overweight" rating in a report on Thursday, July 3rd. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Finally, Tudor, Pickering, Holt & Co. boosted their price target on Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, Devon Energy currently has an average rating of "Moderate Buy" and an average price target of $43.93.

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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