Nicholas Hoffman & Company LLC. Acquires Shares of 22,579 Devon Energy Corporation $DVN

Nicholas Hoffman & Company LLC. bought a new stake in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 22,579 shares of the energy company’s stock, valued at approximately $933,000.

A number of other institutional investors have also modified their holdings of the stock. Woodline Partners LP lifted its holdings in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after purchasing an additional 57,555 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy in the second quarter valued at about $403,000. Jump Financial LLC increased its stake in shares of Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after acquiring an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC raised its holdings in Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on DVN. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a research report on Wednesday, June 10th. Raymond James Financial cut their target price on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Morgan Stanley reduced their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Finally, Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $59.60.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 3.2%

Shares of Devon Energy stock opened at $45.83 on Friday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. The company has a 50-day moving average of $43.40 and a two-hundred day moving average of $45.14.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company 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 company’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period last year, the firm earned $0.84 EPS. On average, research analysts anticipate that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company 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 dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

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.