Gould Capital LLC Purchases 28,927 Shares of Devon Energy Corporation $DVN

Key Points

• Gould Capital LLC significantly increased its stake in Devon Energy Corporation by 28,927 shares, bringing its total ownership to 29,030 shares valued at approximately $1.09 million.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, exceeding analysts' expectations, and its revenue increased by 9.4% year-over-year to $4.28 billion.
• The company declared a quarterly dividend of $0.24 per share, representing an annual yield of 2.8%, with the dividend payout ratio currently at 21.52%.

Gould Capital LLC lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 28,084.5% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,030 shares of the energy company's stock after buying an additional 28,927 shares during the period. Gould Capital LLC's holdings in Devon Energy were worth $1,086,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its stake in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. grew its position in Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after buying an additional 1,315,050 shares during the period. Northern Trust Corp grew its position in Devon Energy by 5.1% during the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after buying an additional 316,460 shares during the period. Ameriprise Financial Inc. increased its holdings in Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after buying an additional 2,252,918 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after acquiring an additional 354,633 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.71% of the stock is currently owned by corporate insiders.

Devon Energy Price Performance

Devon Energy stock traded down $0.52 during midday trading on Tuesday, reaching $35.25. 7,084,601 shares of the stock were exchanged, compared to its average volume of 8,934,838. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $45.34. 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 cap of $22.38 billion, a PE ratio of 7.90, a PEG ratio of 2.00 and a beta of 1.07. The company's fifty day moving average is $33.27 and its 200-day moving average is $33.15.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping 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 quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the company earned $1.41 EPS. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

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

Analyst Ratings Changes

DVN has been the topic of a number of research reports. Tudor, Pickering, Holt & Co. lifted their price target on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Barclays upped their price target on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Siebert Williams Shank lifted their price objective on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. William Blair assumed coverage on shares of Devon Energy in a research report on Monday. They set an "outperform" rating for the company. Finally, BMO Capital Markets lifted their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $44.15.

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.