DRW Securities LLC Takes $2.71 Million Position in Devon Energy Corporation $DVN

DRW Securities LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 72,472 shares of the energy company’s stock, valued at approximately $2,710,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Second Line Capital LLC bought a new position in shares of Devon Energy in the first quarter valued at approximately $203,000. Titleist Asset Management LLC boosted its holdings in shares of Devon Energy by 33.1% in the first quarter. Titleist Asset Management LLC now owns 21,184 shares of the energy company’s stock valued at $792,000 after acquiring an additional 5,273 shares in the last quarter. Baird Financial Group Inc. boosted its holdings in shares of Devon Energy by 2.8% in the first quarter. Baird Financial Group Inc. now owns 161,415 shares of the energy company’s stock valued at $6,037,000 after acquiring an additional 4,357 shares in the last quarter. Vident Advisory LLC boosted its holdings in shares of Devon Energy by 54.9% in the first quarter. Vident Advisory LLC now owns 17,063 shares of the energy company’s stock valued at $638,000 after acquiring an additional 6,045 shares in the last quarter. Finally, Evergreen Capital Management LLC boosted its holdings in shares of Devon Energy by 21.6% in the first quarter. Evergreen Capital Management LLC now owns 13,394 shares of the energy company’s stock valued at $501,000 after acquiring an additional 2,377 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DVN has been the subject of a number of research reports. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. The Goldman Sachs Group raised their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. BMO Capital Markets raised their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a report on Monday, July 14th. Wells Fargo & Company raised their target price on shares of Devon Energy from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Tuesday, August 12th. Finally, Piper Sandler reduced their target price on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating for the company in a report on Thursday, August 14th. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.15.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company’s stock.

Devon Energy Trading Up 0.7%

Devon Energy stock opened at $36.12 on Friday. The company has a 50 day moving average price of $33.39 and a 200 day moving average price of $33.19. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $45.34. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The firm has a market capitalization of $22.93 billion, a price-to-earnings ratio of 8.10, a P/E/G ratio of 2.08 and a beta of 1.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter last year, the business posted $1.41 EPS. The company’s revenue was up 9.4% on a year-over-year basis. Research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) is currently 21.52%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.