Devon Energy Corporation $DVN Shares Acquired by Martin Capital Partners LLC

Key Points

• Martin Capital Partners LLC significantly boosted its stake in Devon Energy Corporation (221.3% increase) in the second quarter, owning 68,683 shares valued at approximately $2.185 million.
• Devon Energy announced a quarterly dividend of $0.24 per share with a yield of 2.8%, set to be paid on September 30th.
• Research analysts have a consensus rating of "Moderate Buy" for Devon Energy, with an average target price of $44.15, reflecting optimism about the company's growth.

Martin Capital Partners LLC grew its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 221.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 68,683 shares of the energy company's stock after purchasing an additional 47,304 shares during the quarter. Martin Capital Partners LLC's holdings in Devon Energy were worth $2,185,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of DVN. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy in the first quarter worth $26,000. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. Rakuten Securities Inc. lifted its stake in shares of 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 during the period. SouthState Corp lifted its stake in shares of Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after buying an additional 771 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in shares of Devon Energy during the first quarter worth $38,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Bernstein Bank lowered their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday, July 7th. Wolfe Research lifted their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. UBS Group lifted their price objective on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. Finally, Mizuho lowered their price objective on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Monday. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $44.04.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction dated 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 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 legal filing with the SEC, which is accessible through this link. Company insiders own 0.71% of the company's stock.

Devon Energy Stock Performance

NYSE DVN traded down $0.94 on Friday, reaching $34.08. 3,719,752 shares of the company's stock traded hands, compared to its average volume of 8,726,025. The firm has a market cap of $21.63 billion, a price-to-earnings ratio of 7.63, a P/E/G ratio of 2.05 and a beta of 1.09. The stock has a 50 day moving average price of $33.97 and a 200-day moving average price of $33.13. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week 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.

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 (EPS) for the quarter, beating analysts' consensus estimates 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 net margin of 16.57% and a return on equity of 18.59%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $1.41 earnings per share. Equities research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio 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.