Spartan Wealth Advisory Services LLC Acquires New Shares in Devon Energy Corporation $DVN

Key Points

• Spartan Wealth Advisory Services opened a new position in Devon Energy during Q1, buying 31,007 shares valued at about $1.56 million.
• Devon Energy reported Q1 earnings of $1.04 per share, missing estimates, while revenue of $3.81 billion also came in below expectations and fell 14.5% year over year.
• The company raised its quarterly dividend to $0.32 per share from $0.24, implying a 2.9% yield; meanwhile, analysts currently rate the stock a Moderate Buy with a consensus price target of $59.32.

Spartan Wealth Advisory Services LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 31,007 shares of the energy company's stock, valued at approximately $1,560,000.

Several other institutional investors have also recently bought and sold shares of DVN. Tobam lifted its holdings in shares of Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after acquiring an additional 230 shares during the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after purchasing an additional 236 shares during the last quarter. Catalyst Financial Partners LLC increased its position in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after purchasing an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its position in Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after purchasing an additional 257 shares in the last quarter. Finally, Zions Bancorporation National Association UT increased its position in Devon Energy by 7.9% during the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company's stock worth $129,000 after purchasing an additional 258 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Up 0.0%

Shares of NYSE DVN opened at $43.84 on Monday. The company has a 50 day simple moving average of $44.37 and a 200 day simple moving average of $44.13. The firm has a market cap of $27.25 billion, a PE ratio of 12.21 and a beta of 0.38. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the business earned $0.82 earnings per share. The firm's quarterly revenue was down 14.5% on a year-over-year basis. On average, research analysts forecast that Devon Energy Corporation will post 4.61 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is currently 35.65%.

Insider Buying and Selling

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last three months. Insiders own 4.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on DVN shares. Royal Bank Of Canada raised their target price on shares of Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research report on Wednesday, April 8th. Wells Fargo & Company upped their price target on shares of Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a report on Monday, May 18th. The Goldman Sachs Group dropped their price target on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Roth Capital reissued a "buy" rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Finally, BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. Two 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. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $59.32.

About Devon Energy

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.

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