McAlvany Wealth Management LLC Buys Shares of 41,024 Devon Energy Corporation $DVN

Key Points

• McAlvany Wealth Management initiated a new position in Devon Energy, buying 41,024 shares worth about $1.5 million in the fourth quarter. The stake represents 1.2% of the firm’s portfolio and its 25th largest holding.
• Several analysts remain constructive on DVN, with recent price-target increases from Citigroup, Argus, Susquehanna and Wolfe Research. The stock currently carries a consensus rating of Moderate Buy with an average price target of $58.44.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, implying a 3.0% yield. The company also reported mixed quarterly results, missing EPS and revenue estimates, while insiders sold shares in recent months.

McAlvany Wealth Management LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 41,024 shares of the energy company's stock, valued at approximately $1,503,000. Devon Energy makes up 1.2% of McAlvany Wealth Management LLC's portfolio, making the stock its 25th biggest holding.

A number of other institutional investors have also recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy in the 4th quarter valued at $25,000. Accredited Wealth Management LLC boosted its stake in Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after purchasing an additional 308 shares during the last quarter. Ameriflex Group Inc. grew its holdings in shares of Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after buying an additional 702 shares in the last quarter. MV Capital Management Inc. purchased a new stake in shares of Devon Energy during the fourth quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $29,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares of the company's stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock worth $5,258,059 in the last 90 days. Insiders own 4.58% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of several research reports. Citigroup raised their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Argus upped their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Wall Street Zen downgraded shares of Devon Energy from a "buy" rating to a "hold" rating in a report on Sunday. Susquehanna raised their target price on shares of Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a research note on Tuesday, April 21st. Finally, Wolfe Research boosted their target price on Devon Energy from $64.00 to $65.00 and gave the stock an "outperform" rating in a report on Monday, April 6th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $58.44.

Devon Energy Trading Up 0.2%

Shares of DVN stock opened at $42.21 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The company's 50-day moving average price is $46.38 and its 200-day moving average price is $43.31. The stock has a market cap of $26.23 billion, a price-to-earnings ratio of 11.76 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the business posted $0.82 earnings per share. Devon Energy's revenue for the quarter was down 14.5% on a year-over-year basis. As a group, equities analysts predict that Devon Energy Corporation will post 4.97 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.32 dividend. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. Devon Energy's dividend payout ratio is currently 35.65%.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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