Global Retirement Partners LLC Invests $1.34 Million in Devon Energy Corporation $DVN

Key Points

• Global Retirement Partners initiated a $1.34 million position in Devon Energy during the second quarter, while institutional investors overall own 69.72% of the company’s stock.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.15; recent views range from “Hold” to “Strong Buy.”
• Devon Energy exceeded quarterly expectations, reporting $1.57 in EPS and $7.42 billion in revenue, while declaring a quarterly dividend of $0.32 per share, yielding approximately 2.7% annually.

Global Retirement Partners LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 32,374 shares of the energy company's stock, valued at approximately $1,338,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Tobam lifted its holdings in Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after buying an additional 230 shares during the period. TD Private Client Wealth LLC grew its holdings in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after acquiring an additional 236 shares during the period. Retirement Planning Group LLC raised its position in shares of Devon Energy by 4.5% in the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after acquiring an additional 243 shares in the last quarter. JFS Wealth Advisors LLC raised its position in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares in the last quarter. Finally, Catalyst Financial Partners LLC lifted its stake in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after purchasing an additional 254 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of several research reports. Susquehanna lifted their price target on Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research report on Tuesday, July 21st. UBS Group decreased their price objective on Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, August 11th. Zacks Research cut shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Finally, Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $59.15.

Devon Energy Stock Performance

Shares of DVN opened at $47.62 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The stock has a market cap of $52.38 billion, a P/E ratio of 11.31 and a beta of 0.38. The business's 50 day moving average price is $43.45 and its 200-day moving average price is $45.24. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the company earned $0.84 EPS. Equities research analysts anticipate that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Company 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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