Kaufman Rossin Wealth LLC Acquires Shares of 10,254 Devon Energy Corporation $DVN

Key Points

• Kaufman Rossin Wealth LLC invested $326,000 in Devon Energy Corporation by acquiring 10,254 shares during the 2nd quarter, according to a 13F filing.
• Devon Energy reported a quarterly net income of $0.84 per share, exceeding estimates, and a 9.4% year-over-year revenue increase to $4.28 billion.
• The company declared a quarterly dividend of $0.24, equivalent to an annualized yield of 2.8%, payable on September 30th to shareholders on record as of September 15th.

Kaufman Rossin Wealth LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,254 shares of the energy company's stock, valued at approximately $326,000.

A number of other institutional investors have also modified their holdings of DVN. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy in the 1st quarter valued at about $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy in the 1st quarter valued at about $26,000. Rakuten Securities Inc. increased its stake in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares in the last quarter. SouthState Corp increased its stake in shares of Devon Energy by 350.5% in the 1st 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. Finally, Hughes Financial Services LLC purchased a new position in shares of Devon Energy in the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.71% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Jefferies Financial Group lifted their price objective on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Mizuho decreased their price objective on Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Wolfe Research upped their price objective on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. William Blair started coverage on Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating on the stock. Finally, UBS Group upped their price objective on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $44.04.

Devon Energy Price Performance

DVN stock traded down $0.19 on Monday, reaching $33.77. The company had a trading volume of 6,823,967 shares, compared to its average volume of 8,770,566. 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 fifty day moving average is $33.97 and its 200 day moving average is $33.12. The company has a market cap of $21.44 billion, a P/E ratio of 7.57, a PEG ratio of 1.97 and a beta of 1.09.

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 for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.Devon Energy's revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.41 EPS. On average, research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio is currently 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.