Grandfield & Dodd LLC Acquires 49,153 Shares of Devon Energy Corporation $DVN

Key Points

• Grandfield & Dodd LLC increased its Devon Energy stake by 16.1% in the second quarter, adding 49,153 shares to own 354,110 shares valued at approximately $14.6 million. Institutional investors and hedge funds collectively own 69.72% of the company.
• Analysts maintain a generally positive outlook, with Devon receiving a “Moderate Buy” consensus rating and an average price target of $59.15. Recent targets range from $45.85 to $68.00.
• Devon reported stronger-than-expected quarterly results, including $1.57 in EPS versus $1.40 expected and $7.42 billion in revenue, up 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, representing a 2.7% annualized yield.

Grandfield & Dodd LLC grew its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 16.1% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 354,110 shares of the energy company's stock after purchasing an additional 49,153 shares during the quarter. Grandfield & Dodd LLC owned about 0.06% of Devon Energy worth $14,632,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the fourth quarter worth $25,000. JFS Wealth Advisors LLC lifted its holdings in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. MV Capital Management Inc. bought a new stake in Devon Energy in the 4th quarter valued at approximately $29,000. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy in the second quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy during the 4th quarter worth about $29,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.58% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on DVN shares. Scotiabank increased their price objective on Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Evercore upgraded Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective for the company in a report on Wednesday, June 10th. Argus restated a "buy" rating and issued a $45.85 price target on shares of Devon Energy in a research note on Monday. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Finally, Mizuho increased their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Two investment 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 data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $59.15.

Devon Energy Trading Up 3.9%

Shares of DVN stock opened at $47.62 on Tuesday. The firm has a market capitalization of $52.38 billion, a P/E ratio of 11.31 and a beta of 0.38. 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's fifty day simple moving average is $43.45 and its 200 day simple moving average is $45.24. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business earned $0.84 EPS. The firm's quarterly revenue was up 73.1% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.99 EPS 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 paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is presently 30.40%.

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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