Wealthfront Advisers LLC Acquires 216,636 Shares of Devon Energy Corporation $DVN

Key Points

• Wealthfront Advisers increased its Devon Energy stake by 86.3% in the second quarter, acquiring 216,636 shares and bringing its holdings to 467,793 shares valued at approximately $19.3 million.
• Devon Energy reported stronger-than-expected quarterly results, with EPS of $1.57 versus estimates of $1.40 and revenue of $7.42 billion, up 73.1% year over year. The company also declared a $0.32 quarterly dividend, equivalent to a 2.7% yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $59.15, compared with the stock’s reported price of $47.84.

Wealthfront Advisers LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 86.3% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 467,793 shares of the energy company's stock after purchasing an additional 216,636 shares during the period. Wealthfront Advisers LLC owned 0.08% of Devon Energy worth $19,329,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. LSV Asset Management grew its position in Devon Energy by 79.6% in the 4th 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 raised its holdings in Devon Energy by 56.5% during 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 last quarter. Morningstar Investment Management LLC bought a new position in shares of Devon Energy in the fourth quarter valued at $2,089,000. Illinois Municipal Retirement Fund lifted 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 holdings in shares of Devon Energy by 20.0% during 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 during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the subject of several recent research reports. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. Truist Financial raised their price target on shares of Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an "outperform" rating in a research note on Monday, June 22nd. Barclays lowered their price objective on Devon Energy from $62.00 to $58.00 and set an "overweight" rating for the company in a research note on Monday. Finally, Susquehanna raised their target price on Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Two research 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.15.

Devon Energy Stock Up 0.6%

DVN opened at $47.84 on Wednesday. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The firm has a market capitalization of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38. The company's 50-day moving average is $43.52 and its 200 day moving average is $45.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm's quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. Research analysts expect 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. Stockholders of record on Tuesday, September 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is currently 30.40%.

Insider Activity

In related 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 sale, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.58% of the stock is currently owned by corporate insiders.

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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