Segment Wealth Management LLC Increases Stock Position in Devon Energy Corporation $DVN

Key Points

• Segment Wealth Management increased its Devon Energy stake by 1,555.6% in the second quarter, reaching 91,373 shares valued at approximately $3.78 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported quarterly EPS of $1.57, surpassing the $1.40 consensus estimate, while revenue rose 73.1% year over year to $7.42 billion.
• The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized $1.28 payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $59.60, versus a recent share price of $44.48.

Segment Wealth Management LLC raised its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 1,555.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 91,373 shares of the energy company's stock after purchasing an additional 85,854 shares during the quarter. Segment Wealth Management LLC's holdings in Devon Energy were worth $3,776,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the 4th quarter worth $25,000. JFS Wealth Advisors LLC lifted its holdings in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares during the last quarter. MV Capital Management Inc. bought a new stake in shares of Devon Energy during the 4th quarter worth $29,000. KERR FINANCIAL PLANNING Corp purchased a new position in Devon Energy in the second quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new position in Devon Energy in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

Devon Energy stock opened at $44.48 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. The firm has a fifty day simple moving average of $43.37 and a two-hundred day simple moving average of $45.13. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company's revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period last year, the firm earned $0.84 earnings per share. Research analysts expect that Devon Energy Corporation will post 4.95 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Insider Transactions at Devon Energy

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on DVN. Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Jefferies Financial Group upped their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a report on Monday, May 18th. Wells Fargo & Company cut their price objective on Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday. Roth Capital reiterated a "buy" rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Finally, Wolfe Research set a $67.00 price objective on Devon Energy and gave the company an "outperform" rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock 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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source