NewEdge Advisors LLC Has $7.11 Million Stake in Devon Energy Corporation $DVN

Key Points

• NewEdge Advisors increased its Devon Energy stake by 31.3% in the second quarter, purchasing 41,039 additional shares for a total holding of 171,979 shares valued at approximately $7.11 million.
• Devon Energy reported strong quarterly results, with EPS of $1.57 beating estimates of $1.40 and revenue of $7.42 billion, up 73.1% year over year.
• The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized $1.28 payout and a 2.6% yield; analysts maintain a “Moderate Buy” consensus with a $59.30 price target.

NewEdge Advisors LLC increased its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 31.3% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 171,979 shares of the energy company's stock after purchasing an additional 41,039 shares during the quarter. NewEdge Advisors LLC's holdings in Devon Energy were worth $7,106,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of DVN. Kimmeridge Energy Management Company LLC boosted its stake in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. LSV Asset Management increased its position in shares of Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock worth $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Morningstar Investment Management LLC acquired a new stake in shares of Devon Energy during the 4th quarter worth about $2,089,000. Illinois Municipal Retirement Fund lifted its holdings in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC lifted its holdings in Devon Energy by 20.0% during the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after purchasing an additional 80,000 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Trading Down 0.1%

Shares of NYSE DVN opened at $50.19 on Monday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a market cap of $55.21 billion, a PE ratio of 11.92, a P/E/G ratio of 1.37 and a beta of 0.37. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a 50-day moving average of $45.61 and a two-hundred day moving average of $45.96.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business's revenue for the quarter was up 73.1% on a year-over-year basis. During the same period last year, the firm earned $0.84 EPS. As a group, equities analysts expect that Devon Energy Corporation will post 5.24 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Analyst Upgrades and Downgrades

DVN has been the topic of several research analyst reports. The Goldman Sachs Group decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, July 8th. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Weiss Ratings upgraded Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. Finally, Raymond James Financial dropped their price target on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a report on Thursday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $59.30.

Devon Energy Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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