Mraz Amerine & Associates Inc. Acquires 76,933 Shares of Devon Energy Corporation $DVN

Key Points

• Mraz Amerine & Associates increased its Devon Energy stake by 180.4%, purchasing 76,933 additional shares to hold 119,582 shares valued at approximately $4.94 million. Institutional investors collectively own 69.72% of the company.
• Devon Energy reported strong quarterly results, with adjusted earnings of $1.57 per share and revenue of $7.42 billion, surpassing analyst estimates and representing 73.1% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.32 per share, equivalent to a 2.9% annualized yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.60, compared with the stock’s reported price of $44.48.

Mraz Amerine & Associates Inc. lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 180.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 119,582 shares of the energy company's stock after buying an additional 76,933 shares during the quarter. Devon Energy makes up about 0.7% of Mraz Amerine & Associates Inc.'s holdings, making the stock its 25th biggest holding. Mraz Amerine & Associates Inc.'s holdings in Devon Energy were worth $4,941,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter worth about $25,000. JFS Wealth Advisors LLC increased its stake in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Devon Energy during the second quarter valued at approximately $29,000. GoalVest Advisory LLC purchased a new position in shares of Devon Energy during the second quarter valued at approximately $30,000. Finally, SouthState Bank Corp boosted its position in shares of Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock worth $39,000 after purchasing an additional 486 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

DVN stock opened at $44.48 on Friday. The stock's 50 day simple moving average is $43.37 and its 200 day simple moving average is $45.13. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock has a market capitalization of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the company earned $0.84 EPS. The company's quarterly revenue was up 73.1% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Corporation will post 4.95 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.58% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently weighed in on DVN shares. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Wells Fargo & Company cut their target price on Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday. UBS Group lowered their price target on Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Finally, Capital One Financial dropped their price target on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $59.60.

Devon Energy Profile

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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