Wilmington Savings Fund Society FSB Raises Stock Holdings in Devon Energy Corporation $DVN

Wilmington Savings Fund Society FSB lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 5.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,815 shares of the energy company’s stock after purchasing an additional 1,117 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in Devon Energy were worth $662,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new position in shares of Devon Energy during the first quarter worth about $26,000. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy during the first quarter worth about $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Devon Energy during the second quarter worth about $25,000. Trust Co. of Vermont grew its holdings in shares of Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after purchasing an additional 666 shares in the last quarter. Finally, SouthState Corp grew its holdings in shares of Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company’s stock worth $37,000 after purchasing an additional 771 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.9%

NYSE:DVN opened at $31.73 on Friday. The company has a fifty day moving average of $34.52 and a 200 day moving average of $32.94. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $41.06. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $20.14 billion, a P/E ratio of 7.12, a P/E/G ratio of 1.92 and a beta of 1.03.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating 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 company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same period in the prior year, the business posted $1.41 EPS. The firm’s revenue was up 9.4% compared to the same quarter last year. On average, research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on DVN shares. Tudor, Pickering, Holt & Co. boosted their price objective on Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. BMO Capital Markets upped their target price on Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research note on Monday, July 14th. Wolfe Research upped their target price on Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Monday, June 23rd. Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 7th. Finally, UBS Group upped their target price on Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 20th. Seventeen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $43.14.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.71% of the stock is owned by corporate insiders.

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.