Quad Cities Investment Group LLC raised its position in Devon Energy Co. (NYSE:DVN – Free Report) by 16.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 4,648 shares of the energy company’s stock after acquiring an additional 672 shares during the quarter. Quad Cities Investment Group LLC’s holdings in Devon Energy were worth $225,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Mach 1 Financial Group LLC purchased a new stake in Devon Energy during the 1st quarter worth approximately $13,412,000. Tyler Stone Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter valued at $25,000. Canada Pension Plan Investment Board acquired a new position in shares of Devon Energy in the 1st quarter valued at $26,000. Clearview Wealth Advisors LLC acquired a new position in shares of Devon Energy in the first quarter valued at about $25,000. Finally, Crewe Advisors LLC increased its holdings in Devon Energy by 16,633.3% in the 1st quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock worth $25,000 after buying an additional 499 shares during the period. 68.34% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In related news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $51.13, for a total transaction of $402,393.10. Following the sale, the executive vice president now directly owns 210,548 shares in the company, valued at $10,765,319.24. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.63% of the stock is owned by corporate insiders.
Devon Energy Stock Performance
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data on Tuesday, August 1st. The energy company reported $1.18 EPS for the quarter, hitting analysts’ consensus estimates of $1.18. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. The firm had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same quarter in the previous year, the business posted $2.59 EPS. The firm’s revenue was down 38.6% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 5.61 earnings per share for the current year.
Devon Energy Cuts Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a dividend of $0.49 per share. This represents a $1.96 annualized dividend and a dividend yield of 3.96%. The ex-dividend date is Thursday, September 14th. Devon Energy’s dividend payout ratio (DPR) is presently 10.94%.
Wall Street Analyst Weigh In
DVN has been the topic of several recent research reports. Truist Financial lowered their price target on shares of Devon Energy from $69.00 to $63.00 and set a “buy” rating on the stock in a report on Thursday, August 3rd. Evercore ISI dropped their price target on shares of Devon Energy from $52.00 to $50.00 in a research note on Monday, July 10th. Royal Bank of Canada decreased their price objective on shares of Devon Energy from $63.00 to $60.00 and set a “sector perform” rating on the stock in a report on Thursday, July 13th. Piper Sandler dropped their target price on shares of Devon Energy from $72.00 to $65.00 and set an “overweight” rating on the stock in a research report on Monday, August 14th. Finally, Wells Fargo & Company reduced their price objective on Devon Energy from $52.00 to $51.00 and set an “equal weight” rating for the company in a research note on Friday, September 1st. Seven analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $63.83.
About Devon Energy
Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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