Empowered Funds LLC Makes New Investment in Devon Energy Corporation $DVN

Empowered Funds LLC acquired a new position in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel reports. The firm acquired 738,935 shares of the energy company’s stock, valued at approximately $30,533,000.

Several other hedge funds also recently modified their holdings of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Devon Energy in the 4th quarter valued at $25,000. JFS Wealth Advisors LLC lifted its stake in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. Parvin Asset Management LLC purchased a new position in Devon Energy during the 2nd quarter worth $28,000. KERR FINANCIAL PLANNING Corp purchased a new position in Devon Energy during the 2nd quarter worth $29,000. Finally, GoalVest Advisory LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth $30,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business’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 directly owned 138,529 shares in the company, valued at $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 is available through the SEC website. 4.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

DVN has been the subject of several analyst reports. The Goldman Sachs Group lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Citigroup boosted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Raymond James Financial decreased their price objective on shares of 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. Finally, Wells Fargo & Company dropped their target price on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.

Devon Energy Price Performance

DVN opened at $47.16 on Friday. 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 50-day moving average of $44.09 and a 200 day moving average of $45.61. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $51.88 billion, a P/E ratio of 11.20, a PEG ratio of 1.29 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the firm posted $0.84 earnings per share. The company’s revenue for the quarter was up 73.1% on a year-over-year basis. On average, research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

The company 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 dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

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.