Scott & Selber Inc. Acquires Shares of 77,180 Devon Energy Corporation $DVN

Key Points

• Scott & Selber Inc. acquired 77,180 shares of Devon Energy Corporation, valued at approximately $2,455,000, during the second quarter, highlighting ongoing institutional interest in the company.
• Devon Energy reported earnings per share (EPS) of $0.84 for the last quarter, exceeding analysts' estimates, with quarterly revenue reaching $4.28 billion.
• The company declared a new quarterly dividend of $0.24 per share, set to be paid on September 30th, marking a dividend yield of 2.6%.

Scott & Selber Inc. bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 77,180 shares of the energy company's stock, valued at approximately $2,455,000.

Several other institutional investors have also recently made changes to their positions in DVN. Independent Wealth Network Inc. grew its stake in Devon Energy by 18.8% in the second quarter. Independent Wealth Network Inc. now owns 7,693 shares of the energy company's stock worth $245,000 after purchasing an additional 1,219 shares during the period. Paragon Capital Management Ltd boosted its holdings in shares of Devon Energy by 37.1% during the 2nd quarter. Paragon Capital Management Ltd now owns 21,161 shares of the energy company's stock valued at $673,000 after buying an additional 5,722 shares in the last quarter. Patton Fund Management Inc. purchased a new stake in shares of Devon Energy in the 2nd quarter worth about $223,000. Kathmere Capital Management LLC increased its stake in shares of Devon Energy by 14.2% in the 2nd quarter. Kathmere Capital Management LLC now owns 15,892 shares of the energy company's stock worth $506,000 after acquiring an additional 1,982 shares in the last quarter. Finally, Dakota Wealth Management lifted its position in Devon Energy by 10.9% during the 2nd quarter. Dakota Wealth Management now owns 26,771 shares of the energy company's stock valued at $852,000 after acquiring an additional 2,636 shares during the period. Institutional investors own 69.72% of the company's stock.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction 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 in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.73% of the stock is owned by insiders.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $36.97 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The firm has a market cap of $23.47 billion, a price-to-earnings ratio of 8.29, a price-to-earnings-growth ratio of 2.14 and a beta of 1.09. The business has a 50-day simple moving average of $34.23 and a two-hundred day simple moving average of $33.15. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29.

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

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio is presently 21.52%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. William Blair began coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company. Siebert Williams Shank raised their price objective on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research report on Monday, June 23rd. Morgan Stanley lifted their price objective on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday, August 18th. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Finally, Piper Sandler lowered their price target on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research report on Thursday, August 14th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $44.04.

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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