MGO One Seven LLC Raises Stock Position in Devon Energy Corporation $DVN

Key Points

• MGO One Seven LLC increased its stake in Devon Energy Corporation by 103.0% in the second quarter, now holding 16,634 shares valued at $529,000.
• Several institutional investors, including Ameriprise Financial and Vanguard Group, have made significant increases to their holdings in Devon Energy during the first quarter.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, representing a 3.0% dividend yield, with a payout ratio of 21.52%.

MGO One Seven LLC lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 103.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,634 shares of the energy company's stock after buying an additional 8,439 shares during the quarter. MGO One Seven LLC's holdings in Devon Energy were worth $529,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of DVN. Ameriprise Financial Inc. lifted its position in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after buying an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. raised its position in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the last quarter. Nuveen LLC purchased a new stake in Devon Energy in the 1st quarter valued at $69,975,000. AQR Capital Management LLC raised its position in Devon Energy by 100.0% in the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock valued at $132,051,000 after purchasing an additional 1,779,382 shares during the last quarter. Finally, Encompass Capital Advisors LLC purchased a new stake in Devon Energy in the 1st quarter valued at $63,561,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 0.9%

Shares of Devon Energy stock opened at $31.73 on Friday. The company has a market cap of $20.14 billion, a P/E ratio of 7.12, a PEG ratio of 1.92 and a beta of 1.03. 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 Corporation has a one year low of $25.89 and a one year high of $41.06. The firm has a fifty day moving average of $34.52 and a two-hundred day moving average of $32.94.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping 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%. Devon Energy's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.41 EPS. On average, analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. Devon Energy's dividend payout ratio is 21.52%.

Insider Buying and Selling at Devon Energy

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 transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.71% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. UBS Group upped their price target on shares of Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Piper Sandler reduced their price target on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. JPMorgan Chase & Co. upped their price target 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. Morgan Stanley reduced their price target on shares of Devon Energy from $49.00 to $47.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, BMO Capital Markets upped their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.14.

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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