RPG Investment Advisory LLC Has $18.72 Million Stock Position in Devon Energy Corporation $DVN

Key Points

• RPG Investment Advisory LLC significantly increased its stake in Devon Energy Corporation by 101.2%, acquiring an additional 251,860 shares, bringing their total ownership to 500,618 shares valued at approximately $18.7 million.
• Devon Energy reported earnings of $0.84 per share for the last quarter, exceeding analyst expectations, with revenue growth of 9.4% year-over-year to $4.28 billion.
• A quarterly dividend of $0.24 per share has been declared, yielding 2.8%, with the distribution scheduled for September 30th.

RPG Investment Advisory LLC raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 101.2% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 500,618 shares of the energy company's stock after buying an additional 251,860 shares during the period. RPG Investment Advisory LLC owned approximately 0.08% of Devon Energy worth $18,723,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of DVN. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy during the first quarter worth approximately $26,000. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy during the 1st quarter worth approximately $26,000. Accredited Wealth Management LLC purchased a new position in Devon Energy in the fourth quarter valued at about $28,000. Rakuten Securities Inc. boosted its position 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 in the last quarter. Finally, SouthState Corp raised its position in shares of Devon Energy by 350.5% during the 1st 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. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN traded up $0.57 on Wednesday, hitting $35.80. The company had a trading volume of 3,428,400 shares, compared to its average volume of 8,900,138. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $45.34. The company's fifty day moving average price is $33.28 and its 200 day moving average price is $33.16. 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 market cap of $22.72 billion, a price-to-earnings ratio of 8.02, a price-to-earnings-growth ratio of 2.04 and a beta of 1.07.

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. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the company earned $1.41 earnings per share. The company's quarterly revenue was up 9.4% compared to the same quarter last year. Equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on DVN shares. Bank of America decreased their target price on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating on the stock in a research report on Tuesday, April 29th. Mizuho cut their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. UBS Group raised their price objective on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research note on Wednesday, August 20th. BMO Capital Markets boosted their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. Finally, Scotiabank restated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average target price of $44.15.

Insider Transactions at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.73% of the stock is owned by corporate insiders.

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.