Nicholas Hoffman & Company LLC. Makes New Investment in Devon Energy Corporation $DVN

Key Points

• Nicholas Hoffman & Company acquired 22,579 Devon Energy shares worth approximately $933,000 in the second quarter. Institutional investors collectively own 69.72% of the company, while an insider recently sold 18,000 shares.
• Devon Energy reported quarterly EPS of $1.57, exceeding estimates of $1.40, while revenue of $7.42 billion rose 73.1% year over year. The company also declared a quarterly dividend of $0.32, representing a 2.8% annualized yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.60, above the stock’s reported price of $45.83.

Nicholas Hoffman & Company LLC. acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 22,579 shares of the energy company's stock, valued at approximately $933,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Asset Management Inc lifted its position in shares of Devon Energy by 84.9% during the 2nd quarter. TD Asset Management Inc now owns 479,379 shares of the energy company's stock worth $19,808,000 after purchasing an additional 220,045 shares during the last quarter. Strive Financial Group LLC increased its holdings in Devon Energy by 166.8% in the second quarter. Strive Financial Group LLC now owns 1,014 shares of the energy company's stock valued at $42,000 after buying an additional 634 shares during the last quarter. Leuthold Group LLC increased its holdings in Devon Energy by 1,297.9% in the second quarter. Leuthold Group LLC now owns 204,176 shares of the energy company's stock valued at $8,437,000 after buying an additional 189,570 shares during the last quarter. Chilton Capital Management LLC raised its stake in Devon Energy by 139.8% in the second quarter. Chilton Capital Management LLC now owns 18,347 shares of the energy company's stock valued at $758,000 after buying an additional 10,696 shares in the last quarter. Finally, BCGM Wealth Management LLC acquired a new stake in Devon Energy in the second quarter valued at $2,992,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 4.58% of the stock is owned by insiders.

Devon Energy Stock Up 3.2%

Devon Energy stock opened at $45.83 on Friday. The company has a market capitalization of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a 50-day simple moving average of $43.40 and a 200-day simple moving average of $45.14.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's quarterly revenue was up 73.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.84 EPS. Equities research analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is presently 30.40%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Tudor Pickering raised Devon Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, April 20th. UBS Group cut their target price on Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Jefferies Financial Group boosted their target price on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday. Finally, Roth Capital reaffirmed a "buy" rating and issued a $57.00 price target on shares of Devon Energy in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Devon Energy Company 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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