TD Asset Management Inc Purchases 220,045 Shares of Devon Energy Corporation $DVN

Key Points

• TD Asset Management increased its Devon Energy stake by 84.9% in the second quarter, purchasing 220,045 shares and bringing its total holdings to 479,379 shares valued at approximately $19.8 million.
• Devon Energy reported strong quarterly results, with earnings of $1.57 per share and revenue of $7.42 billion—beating estimates and reflecting 73.1% year-over-year revenue growth.
• The company declared a quarterly dividend of $0.32 per share, equating to an annualized dividend of $1.28 and a 2.8% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.60.

TD Asset Management Inc increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 84.9% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 479,379 shares of the energy company's stock after buying an additional 220,045 shares during the period. TD Asset Management Inc owned 0.08% of Devon Energy worth $19,808,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy in the 4th quarter worth about $25,000. JFS Wealth Advisors LLC raised its holdings in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $29,000. GoalVest Advisory LLC bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $30,000. Finally, SouthState Bank Corp grew its holdings in shares of Devon Energy by 173.6% during the first quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock worth $39,000 after purchasing an additional 486 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

NYSE DVN opened at $45.83 on Friday. The company has a 50-day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the previous year, the business earned $0.84 earnings per share. The company's quarterly revenue was up 73.1% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Announces Dividend

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 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

Insider Buying and Selling

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 owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DVN. Roth Capital restated a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. UBS Group cut their price target on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Susquehanna increased their price target on shares of Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a report on Tuesday, July 21st. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. Finally, Barclays raised their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a research report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average 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.

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