Greatmark Investment Partners Inc. Has $17.23 Million Holdings in Devon Energy Corporation $DVN

Key Points

• Greatmark Investment Partners Inc. has increased its holdings in Devon Energy Corporation by 13.6%, now owning approximately $17.23 million worth of the company’s stock.
• In addition to Greatmark, several other institutional investors have recently modified their stakes in Devon Energy, with 69.72% of the company's stock now owned by institutional investors.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, translating to an annual yield of 3.0%.

Greatmark Investment Partners Inc. increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 13.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 541,490 shares of the energy company's stock after purchasing an additional 64,803 shares during the quarter. Devon Energy makes up about 2.2% of Greatmark Investment Partners Inc.'s portfolio, making the stock its 17th largest holding. Greatmark Investment Partners Inc. owned about 0.08% of Devon Energy worth $17,225,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Banque Cantonale Vaudoise bought a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the 1st quarter valued at $26,000. Opal Wealth Advisors LLC bought a new position in Devon Energy during the second quarter worth $25,000. Trust Co. of Vermont grew its holdings in Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock worth $30,000 after purchasing an additional 666 shares during the period. Finally, SouthState Corp increased its stake in Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after purchasing an additional 771 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on DVN shares. Piper Sandler reduced their price objective on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Mizuho dropped their price objective on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Susquehanna decreased their target price on shares of Devon Energy to $41.00 and set a "positive" rating for the company in a research report on Monday. Evercore ISI lifted their price target on Devon Energy from $34.00 to $37.00 and gave the company an "in-line" rating in a research note on Monday, October 6th. Finally, UBS Group lifted their target price on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $43.14.

Devon Energy Stock Performance

NYSE DVN opened at $32.07 on Wednesday. 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 company has a market capitalization of $20.36 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03. The company has a 50-day simple moving average of $34.48 and a 200 day simple moving average of $32.92. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $40.54.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company's revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.41 earnings per share. On average, research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Insider Buying and Selling at Devon Energy

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. 0.73% of the stock is currently owned by insiders.

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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