Philip James Wealth Mangement LLC Increases Stake in Devon Energy Corporation $DVN

Key Points

• Philip James Wealth Management LLC increased its stake in Devon Energy Corporation by 10.6%, owning a total of 112,634 shares valued at $3,583,000 as of the end of the most recent quarter.
• Analysts have mixed price targets for Devon Energy, with Mizuho lowering their target to $40, while Siebert Williams Shank raised theirs to $52, reflecting varied market perspectives on the company's growth potential.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, resulting in an annualized dividend yield of 2.7%.

Philip James Wealth Mangement LLC grew its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 10.6% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 112,634 shares of the energy company's stock after purchasing an additional 10,834 shares during the quarter. Philip James Wealth Mangement LLC's holdings in Devon Energy were worth $3,583,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Two Sigma Investments LP purchased a new position in shares of Devon Energy in the fourth quarter valued at about $256,000. Versant Capital Management Inc increased its holdings in Devon Energy by 128.9% during the 1st quarter. Versant Capital Management Inc now owns 2,635 shares of the energy company's stock valued at $99,000 after purchasing an additional 1,484 shares during the period. GAMMA Investing LLC grew its position in shares of Devon Energy by 6,068.1% in the 1st quarter. GAMMA Investing LLC now owns 726,607 shares of the energy company's stock worth $27,175,000 after buying an additional 714,827 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Devon Energy by 10.2% during the first quarter. Rhumbline Advisers now owns 1,253,112 shares of the energy company's stock valued at $46,866,000 after buying an additional 115,835 shares during the period. Finally, Czech National Bank raised its holdings in shares of Devon Energy by 5.9% during the first quarter. Czech National Bank now owns 150,879 shares of the energy company's stock valued at $5,643,000 after acquiring an additional 8,450 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on DVN. Mizuho reduced their price objective on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research report on Monday, September 15th. Siebert Williams Shank lifted their target price on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. William Blair started coverage on shares of Devon Energy in a research note on Monday, August 25th. They issued an "outperform" rating for the company. UBS Group lifted their price objective on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Finally, Barclays upped their target price on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Sixteen equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $43.81.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.71% of the stock is currently owned by corporate insiders.

Devon Energy Price Performance

Shares of DVN opened at $35.32 on Thursday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The firm's 50-day simple moving average is $34.39 and its two-hundred day simple moving average is $33.19. The stock has a market cap of $22.42 billion, a PE ratio of 7.92, a price-to-earnings-growth ratio of 2.03 and a beta of 1.03. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion for 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%.The business's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 EPS. Analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a dividend of $0.24 per share. The ex-dividend date was Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

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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