Valeo Financial Advisors LLC Raises Stock Position in Devon Energy Corporation $DVN

Valeo Financial Advisors LLC grew its position in Devon Energy Corporation (NYSE:DVN) by 280.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,472 shares of the energy company’s stock after buying an additional 16,570 shares during the period. Valeo Financial Advisors LLC’s holdings in Devon Energy were worth $929,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LSV Asset Management increased its position in shares of Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after purchasing an additional 354,500 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy in the fourth quarter valued at about $2,089,000. Kimmeridge Energy Management Company LLC boosted its stake 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 period. Illinois Municipal Retirement Fund boosted its stake in Devon Energy by 15.5% during the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after buying an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC increased its position 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 acquiring an additional 80,000 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.34 on Tuesday. The firm has a 50 day moving average of $43.44 and a two-hundred day moving average of $44.99. The stock has a market capitalization of $28.17 billion, a PE ratio of 10.77 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 Corporation has a 52 week low of $31.47 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business 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 company’s revenue was up 73.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.84 earnings per share. On average, research analysts predict that Devon Energy Corporation will post 4.81 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. Shareholders of record on Tuesday, September 15th will be issued 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%.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on DVN. Sanford C. Bernstein boosted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Citigroup lifted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Truist Financial boosted their target price on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Finally, Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $59.72.

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.