Krilogy Financial LLC Makes New Investment in Devon Energy Corporation $DVN

Key Points

• Krilogy Financial LLC purchased 13,476 shares of Devon Energy Corporation, valued at approximately $429,000, marking a new position in the energy company during the second quarter.
• Devon Energy recently reported earnings of $0.84 per share for the quarter, surpassing analysts' expectations and showing a revenue increase of 9.4% compared to the previous year.
• The company declared a quarterly dividend of $0.24 per share to be paid on September 30th, representing an annual yield of 2.7% with a payout ratio of 21.52%.

Krilogy Financial LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 13,476 shares of the energy company's stock, valued at approximately $429,000.

A number of other institutional investors also recently bought and sold shares of DVN. Financial Gravity Asset Management Inc. purchased a new stake in shares of Devon Energy in the first quarter worth about $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the first quarter valued at $26,000. Rakuten Securities Inc. lifted its position in Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after buying an additional 405 shares in the last quarter. SouthState Corp raised its holdings 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 buying an additional 771 shares during the period. Finally, Hughes Financial Services LLC purchased a new stake in shares of Devon Energy in the 1st quarter valued at approximately $38,000. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of several research analyst reports. Piper Sandler decreased their target price on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. William Blair began coverage on Devon Energy in a research note on Monday, August 25th. They issued an "outperform" rating for the company. Raymond James Financial restated an "outperform" rating and set a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $44.04.

Insider Buying and Selling

In other news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction 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 directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.71% of the stock is owned by company insiders.

Devon Energy Stock Down 3.0%

Shares of Devon Energy stock traded down $1.04 during trading on Friday, hitting $33.97. 13,518,509 shares of the stock traded hands, compared to its average volume of 6,650,624. The stock's fifty day simple moving average is $33.97 and its 200 day simple moving average is $33.13. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm has a market cap of $21.56 billion, a P/E ratio of 7.62, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09.

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

Devon Energy Announces Dividend

The firm 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 2.8%. Devon Energy's payout ratio is presently 21.52%.

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.