Signal Advisors Wealth LLC Has $2.45 Million Stake in Devon Energy Corporation $DVN

Key Points

• Signal Advisors Wealth LLC significantly increased its stake in Devon Energy Corporation by 714.5% during Q2, now owning 77,068 shares worth approximately $2.45 million.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, exceeding analysts' estimates and showcasing a 9.4% year-over-year revenue growth.
• The company announced a quarterly dividend of $0.24 per share with a yield of 2.7%, reflecting strong financial health with a payout ratio of 21.52%.

Signal Advisors Wealth LLC grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 714.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 77,068 shares of the energy company's stock after buying an additional 67,606 shares during the period. Signal Advisors Wealth LLC's holdings in Devon Energy were worth $2,452,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $26,000. Rakuten Securities Inc. lifted its position in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after buying an additional 405 shares during the last quarter. SouthState Corp lifted its position in shares of Devon Energy by 350.5% in the first quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC bought a new position in shares of Devon Energy during the first quarter worth approximately $38,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy 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 owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company's stock.

Devon Energy Price Performance

Shares of DVN traded down $0.19 during midday trading on Monday, hitting $33.77. The company's stock had a trading volume of 6,823,967 shares, compared to its average volume of 6,908,607. Devon Energy Corporation has a one year low of $25.89 and a one year high of $43.29. The company's fifty day simple moving average is $33.98 and its two-hundred day simple moving average is $33.12. 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 capitalization of $21.44 billion, a price-to-earnings ratio of 7.57, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the company posted $1.41 EPS. The company's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Barclays increased their target price on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Jefferies Financial Group increased their target price on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research note on Monday, July 14th. Mizuho lowered their target price on Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Finally, Morgan Stanley raised their price objective on Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $44.04.

Devon Energy Company Profile

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.