Morningstar Investment Management LLC Buys New Holdings in Devon Energy Corporation $DVN

Key Points

• Morningstar Investment Management opened a new position in Devon Energy, buying 57,027 shares worth about $2.09 million in the fourth quarter.
• Devon Energy raised its quarterly dividend to $0.32 per share from $0.24, implying an annualized yield of 2.7% and a payout ratio of 26.74%.
• The company’s latest earnings missed analyst expectations, with EPS of $1.04 versus $1.06 expected and revenue of $3.81 billion versus $4.34 billion estimated, even as analysts still rate the stock a “Moderate Buy.”

Morningstar Investment Management LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 57,027 shares of the energy company's stock, valued at approximately $2,089,000.

Other hedge funds have also recently bought and sold shares of the company. Ameriflex Group Inc. raised its stake in 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 acquiring an additional 702 shares in the last quarter. Accredited Wealth Management LLC raised its stake in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock worth $28,000 after acquiring an additional 308 shares in the last quarter. Olistico Wealth LLC acquired a new position in Devon Energy during the fourth quarter worth $31,000. Elyxium Wealth LLC acquired a new position in Devon Energy during the fourth quarter worth $31,000. Finally, Neo Ivy Capital Management acquired a new position in Devon Energy during the third quarter worth $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $47.29 on Tuesday. Devon Energy Corporation has a twelve month low of $30.24 and a twelve month high of $52.71. The firm has a market cap of $29.38 billion, a PE ratio of 13.17 and a beta of 0.43. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The business has a fifty day moving average of $48.16 and a 200-day moving average of $42.11.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the business posted $0.82 earnings per share. The business's quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Corporation will post 5.15 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced 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 represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy's dividend payout ratio is 26.74%.

Insiders Place Their Bets

In other news, SVP Adam M. Vela sold 24,342 shares of the firm's stock in a transaction 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 completion of the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.71% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Mizuho boosted their target price on Devon Energy from $51.00 to $62.00 and gave the stock an "outperform" rating in a report on Tuesday, March 17th. Wall Street Zen downgraded Devon Energy from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Piper Sandler boosted their target price on Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Capital One Financial reduced their target price on Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. 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. Four research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.30.

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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