Principal Financial Group Inc. Has $38.38 Million Holdings in Devon Energy Corporation $DVN

Principal Financial Group Inc. increased its position in shares of Devon Energy Corporation (NYSE:DVN) by 7.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 762,803 shares of the energy company’s stock after buying an additional 50,457 shares during the period. Principal Financial Group Inc.’s holdings in Devon Energy were worth $38,384,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the 4th quarter worth about $25,000. MV Capital Management Inc. bought a new position in shares of Devon Energy in the 4th quarter worth about $29,000. Garton & Associates Financial Advisors LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $29,000. Olistico Wealth LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at about $31,000. Finally, Elyxium Wealth LLC bought a new stake in shares of Devon Energy during the 4th quarter valued at about $31,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on DVN shares. Sanford C. Bernstein raised their target price on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Wells Fargo & Company increased their price target on Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. UBS Group reduced their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday. Truist Financial lowered their price objective on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Finally, Argus boosted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.32.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The shares were 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. The trade was a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 in the last ninety days. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $43.84 on Friday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The firm has a market capitalization of $27.25 billion, a price-to-earnings ratio of 12.21 and a beta of 0.38. The business has a 50-day simple moving average of $44.37 and a 200 day simple moving average of $44.07. 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) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (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 firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the company posted $0.82 EPS. The firm’s revenue was down 14.5% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Corporation will post 4.61 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend 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 dividend yield of 2.9%. Devon Energy’s payout ratio is currently 35.65%.

Devon Energy 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.