United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Grows Position in Devon Energy Corporation $DVN

Key Points

• United Super more than doubled its Devon Energy position in the second quarter, adding 146,000 shares to hold 275,600 shares worth approximately $11.4 million. Institutional investors and hedge funds collectively own 69.72% of DVN.
• Analysts maintain a positive outlook, with Devon Energy receiving a “Moderate Buy” consensus rating and an average price target of $59.60, above its reported share price of $45.83.
• Devon reported strong quarterly results, posting $1.57 in earnings per share and $7.42 billion in revenue, exceeding estimates and representing 73.1% year-over-year revenue growth. The company also announced a quarterly dividend of $0.32 per share, yielding approximately 2.8%.

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 112.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 275,600 shares of the energy company's stock after purchasing an additional 146,000 shares during the period. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund's holdings in Devon Energy were worth $11,388,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of DVN. LSV Asset Management raised its position in Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock valued at $29,289,000 after purchasing an additional 354,500 shares during the period. Kimmeridge Energy Management Company LLC boosted its position in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after buying an additional 3,195,862 shares during the period. Morningstar Investment Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth about $2,089,000. Illinois Municipal Retirement Fund grew its stake in shares of Devon Energy by 15.5% in the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after buying an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Devon Energy by 20.0% in the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after buying an additional 80,000 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

DVN has been the topic of several recent research reports. Capital One Financial reduced their price target on Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 2nd. Citigroup increased their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a research report on Wednesday, May 20th. Roth Capital reiterated a "buy" rating and set a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, April 28th. Truist Financial boosted their target price on shares of Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Argus boosted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $59.60.

Devon Energy Stock Down 0.1%

Shares of NYSE DVN opened at $45.83 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The stock's 50-day simple moving average is $43.40 and its 200-day simple moving average is $45.18. The firm has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the business posted $0.84 earnings per share. Devon Energy's revenue for the quarter was up 73.1% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio is presently 30.40%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 4.58% of the company's stock.

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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