Moran Wealth Management LLC Acquires 234,591 Shares of Devon Energy Corporation $DVN

Moran Wealth Management LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 439.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 287,982 shares of the energy company’s stock after buying an additional 234,591 shares during the period. Moran Wealth Management LLC’s holdings in Devon Energy were worth $11,899,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Intrust Bank NA raised its holdings in Devon Energy by 16.1% during the second quarter. Intrust Bank NA now owns 14,818 shares of the energy company’s stock worth $612,000 after acquiring an additional 2,051 shares in the last quarter. Retirement Planning Group LLC grew its stake in Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock valued at $233,000 after purchasing an additional 243 shares in the last quarter. AlTi Global Inc. acquired a new position in shares of Devon Energy during the 2nd quarter worth approximately $1,015,000. HighTower Advisors LLC increased its position in shares of Devon Energy by 240.0% during the 2nd quarter. HighTower Advisors LLC now owns 493,197 shares of the energy company’s stock worth $20,379,000 after purchasing an additional 348,120 shares during the last quarter. Finally, Affinity Investment Advisors LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $566,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Jefferies Financial Group increased their price objective on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a report on Monday, May 18th. Morgan Stanley lowered their target price on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Mizuho upped their price target on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, June 10th. Finally, Truist Financial lifted their price objective 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. 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Stock Performance

DVN opened at $45.83 on Monday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The stock has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. The business has a 50 day moving average of $43.40 and a 200-day moving average of $45.18. 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 (NYSE:DVN) last posted its earnings results 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. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the firm earned $0.84 EPS. The firm’s revenue was up 73.1% compared to the same quarter last year. On average, equities research analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

Insider Activity at Devon Energy

In other 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 value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.58% of the stock is currently owned by corporate insiders.

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.