Nuveen LLC Makes New $69.98 Million Investment in Devon Energy Corporation (NYSE:DVN)

Key Points

• Nuveen LLC has made a new investment in Devon Energy Corporation, acquiring approximately 1.87 million shares worth almost $70 million, representing about 0.29% of the company's stock.
• Devon Energy reported earnings of $0.84 per share for the last quarter, exceeding analysts' expectations of $0.83, with revenues reaching $4.28 billion, a 9.4% increase year-over-year.
• The company announced a quarterly dividend of $0.24 per share, translating to an annual yield of 2.9%, with a payout ratio of 21.52%.

Nuveen LLC acquired a new position in Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,870,976 shares of the energy company's stock, valued at approximately $69,975,000. Nuveen LLC owned approximately 0.29% of Devon Energy at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise bought a new position in Devon Energy in the first quarter worth $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy in the 1st quarter worth about $26,000. Rakuten Securities Inc. raised its position in shares of Devon Energy by 94.6% in the 1st 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. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy in the 4th quarter worth about $28,000. Finally, Hughes Financial Services LLC purchased a new position in shares of Devon Energy in the 1st quarter worth about $38,000. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 0.8%

DVN stock opened at $33.59 on Thursday. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The stock has a market cap of $21.32 billion, a P/E ratio of 7.53, a PEG ratio of 1.89 and a beta of 1.07. The business's 50-day moving average price is $33.17 and its 200-day moving average price is $33.18.

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

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy's payout ratio is currently 21.52%.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred 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 transaction, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.71% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Piper Sandler reaffirmed an "overweight" rating and issued a $58.00 price target (up previously from $53.00) on shares of Devon Energy in a research report on Thursday, July 17th. Wells Fargo & Company lifted their price target on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday. Morgan Stanley reaffirmed an "overweight" rating and issued a $46.00 price target (up previously from $44.00) on shares of Devon Energy in a research report on Tuesday, July 15th. Finally, UBS Group lifted their price objective on Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Eleven research 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 an average price target of $43.96.

About Devon Energy

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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