Nations Financial Group Inc. IA ADV Buys Shares of 9,775 Devon Energy Corporation $DVN

Key Points

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Nations Financial Group Inc. IA ADV acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,775 shares of the energy company's stock, valued at approximately $366,000.

A number of other institutional investors and hedge funds have also made changes to their positions in DVN. Financial Gravity Asset Management Inc. acquired a new position in shares of Devon Energy during the first quarter worth about $26,000. Banque Cantonale Vaudoise purchased a new stake in Devon Energy during the first quarter worth approximately $26,000. Accredited Wealth Management LLC purchased a new stake in Devon Energy during the fourth quarter worth approximately $28,000. Rakuten Securities Inc. lifted its stake in 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 purchasing an additional 405 shares during the last quarter. Finally, SouthState Corp lifted its stake in 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 purchasing an additional 771 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent analyst reports. Piper Sandler decreased their target price on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Wolfe Research boosted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Bank of America decreased their target price on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Barclays boosted their target price on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company's stock. According to data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.04.

Devon Energy Price Performance

Shares of NYSE DVN opened at $33.54 on Tuesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The stock has a fifty day moving average price of $33.27 and a 200 day moving average price of $33.13. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.04. The company has a market cap of $21.29 billion, a PE ratio of 7.52, a P/E/G ratio of 1.92 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. Devon Energy's revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.41 earnings per share. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm 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 annualized dividend and a yield of 2.9%. Devon Energy's dividend payout ratio is presently 21.52%.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction on Monday, August 11th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.73% of the company's stock.

Devon Energy Company Profile

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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