Selective Wealth Management Inc. grew its position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 105.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,950 shares of the energy company’s stock after acquiring an additional 1,000 shares during the quarter. Selective Wealth Management Inc.’s holdings in Devon Energy were worth $115,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Curi Wealth Management LLC bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $33,000. Northwest Investment Counselors LLC bought a new position in shares of Devon Energy during the 1st quarter valued at approximately $33,000. AlphaCentric Advisors LLC bought a new position in shares of Devon Energy during the 4th quarter valued at approximately $34,000. AdvisorNet Financial Inc boosted its position in shares of Devon Energy by 234.4% during the 4th quarter. AdvisorNet Financial Inc now owns 816 shares of the energy company’s stock valued at $36,000 after acquiring an additional 572 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Devon Energy by 5,012.5% during the 4th quarter. Allworth Financial LP now owns 818 shares of the energy company’s stock valued at $36,000 after acquiring an additional 802 shares during the last quarter. Hedge funds and other institutional investors own 87.01% of the company’s stock.
In other news, COO Clay M. Gaspar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $63.75, for a total transaction of $1,912,500.00. Following the transaction, the chief operating officer now owns 765,202 shares in the company, valued at $48,781,627.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Dennis C. Cameron sold 4,143 shares of Devon Energy stock in a transaction dated Monday, April 4th. The shares were sold at an average price of $61.45, for a total value of $254,587.35. Following the completion of the transaction, the executive vice president now owns 284,806 shares in the company, valued at approximately $17,501,328.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,922 shares of company stock worth $4,269,519. Insiders own 0.80% of the company’s stock.
NYSE:DVN opened at $55.11 on Friday. Devon Energy Co. has a twelve month low of $24.05 and a twelve month high of $79.40. The company has a market cap of $36.37 billion, a price-to-earnings ratio of 10.34 and a beta of 2.59. The stock has a fifty-day simple moving average of $66.43 and a 200-day simple moving average of $58.00. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 0.69.
Devon Energy (NYSE:DVN – Get Rating) last released its earnings results on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, topping the consensus estimate of $1.74 by $0.14. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.02 billion. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. During the same period last year, the company earned $0.45 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 9.1 EPS for the current fiscal year.
Devon Energy declared that its board has initiated a stock repurchase plan on Monday, May 2nd that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the energy company to buy up to 4.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Stockholders of record on Monday, June 13th were paid a dividend of $1.27 per share. The ex-dividend date was Friday, June 10th. This represents a $5.08 annualized dividend and a dividend yield of 9.22%. This is a positive change from Devon Energy’s previous quarterly dividend of $1.00. Devon Energy’s dividend payout ratio (DPR) is currently 95.31%.
A number of brokerages recently issued reports on DVN. Mizuho raised their price target on Devon Energy from $92.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, June 10th. Credit Suisse Group raised their price target on Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 9th. Barclays raised their price target on Devon Energy from $73.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, June 14th. Piper Sandler raised their price target on Devon Energy from $89.00 to $94.00 and gave the stock an “overweight” rating in a research report on Thursday, June 9th. Finally, Stifel Nicolaus raised their price target on Devon Energy from $88.00 to $93.00 in a research report on Thursday, June 9th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $74.94.
Devon Energy Profile: (Get Rating)
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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