University of Texas Texas AM Investment Management Co. Has $1.99 Million Stock Position in Devon Energy Corporation $DVN

Key Points

• University of Texas Texas AM Investment Management Co. increased its Devon Energy stake by 240,065% in the second quarter, holding 48,033 shares valued at approximately $1.99 million. Institutional investors and hedge funds collectively own 69.72% of DVN.
• Devon Energy reported quarterly earnings of $1.57 per share, exceeding the $1.40 consensus estimate, while revenue reached $7.42 billion and rose 73.1% year over year.
• Analysts maintain a generally positive outlook, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $59.60. Devon also declared a quarterly dividend of $0.32 per share, equivalent to a 2.8% annualized yield.

University of Texas Texas AM Investment Management Co. grew its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 240,065.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 48,033 shares of the energy company's stock after purchasing an additional 48,013 shares during the period. University of Texas Texas AM Investment Management Co.'s holdings in Devon Energy were worth $1,985,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of DVN. Tobam lifted its position in shares of Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after buying an additional 230 shares during the period. TD Private Client Wealth LLC grew its position in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after acquiring an additional 236 shares during the period. JFS Wealth Advisors LLC grew its position in Devon Energy by 56.6% in the second 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 during the period. Catalyst Financial Partners LLC raised its stake in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after acquiring an additional 254 shares in the last quarter. Finally, Cary Street Partners Investment Advisory LLC raised its stake in Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after acquiring an additional 257 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

DVN has been the subject of a number of analyst reports. Truist Financial lifted their price objective on Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Weiss Ratings raised shares of Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Tuesday. Capital One Financial dropped their target price on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Scotiabank lifted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a report on Wednesday, April 22nd. Finally, Raymond James Financial reduced their price target on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 16th. Two 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 company. According to MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Devon Energy Trading Up 3.2%

Shares of DVN opened at $45.83 on Friday. The stock has a fifty day moving average price of $43.40 and a two-hundred day moving average price of $45.14. 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 52-week low of $31.47 and a 52-week high of $52.71. The company 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 posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business's revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. Analysts predict that Devon Energy Corporation will post 4.99 EPS for the current fiscal 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. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio is 30.40%.

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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