Inspire Investing LLC Grows Position in Devon Energy Corporation $DVN

Key Points

• Inspire Investing LLC increased its holdings in Devon Energy by 18.2% in Q2, now owning 74,744 shares valued at approximately $2.38 million.
• Devon Energy's stock has been rated with 16 Buy ratings and 11 Hold ratings, indicating a consensus rating of "Moderate Buy" with a price target of $43.81.
• The company announced a $0.24 quarterly dividend with a yield of 3.0%, reflecting a dividend payout ratio of 21.52%.

Inspire Investing LLC raised its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 18.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 74,744 shares of the energy company's stock after buying an additional 11,501 shares during the quarter. Inspire Investing LLC's holdings in Devon Energy were worth $2,378,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the first quarter valued at about $26,000. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy in the first quarter valued at about $26,000. Opal Wealth Advisors LLC purchased a new stake in shares of Devon Energy in the second quarter valued at about $25,000. Rakuten Securities Inc. grew its holdings in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares during the period. Finally, Trust Co. of Vermont grew its holdings in shares of Devon Energy by 241.3% in the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock valued at $30,000 after purchasing an additional 666 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Bernstein Bank dropped their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Monday, July 7th. Tudor, Pickering, Holt & Co. upped their target price on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. JPMorgan Chase & Co. upped their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. William Blair assumed coverage on shares of Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Finally, Mizuho decreased their target price on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Sixteen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.81.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the firm'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 sale, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is currently owned by company insiders.

Devon Energy Stock Down 5.3%

Shares of DVN opened at $32.54 on Friday. The stock has a market capitalization of $20.65 billion, a PE ratio of 7.29, a P/E/G ratio of 2.00 and a beta of 1.03. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. 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's 50-day simple moving average is $34.53 and its 200-day simple moving average is $33.10.

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

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy's dividend payout ratio (DPR) is 21.52%.

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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