Cidel Asset Management Inc. Boosts Position in Devon Energy Corporation $DVN

Cidel Asset Management Inc. increased its stake in Devon Energy Corporation (NYSE:DVN) by 19.3% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 9,752 shares of the energy company’s stock after acquiring an additional 1,578 shares during the quarter. Cidel Asset Management Inc.’s holdings in Devon Energy were worth $310,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new position in Devon Energy during the 2nd quarter valued at about $25,000. Financial Gravity Asset Management Inc. purchased a new position in Devon Energy during the 1st quarter valued at about $26,000. Banque Cantonale Vaudoise purchased a new position in Devon Energy during the 1st quarter valued at about $26,000. Trust Co. of Vermont increased its position in Devon Energy by 241.3% during the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after purchasing an additional 666 shares during the period. Finally, SouthState Corp increased its position in Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after purchasing an additional 771 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research reports. Scotiabank reissued an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. The Goldman Sachs Group lowered their price target on shares of Devon Energy from $41.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, October 15th. Piper Sandler lowered their price target on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a report on Thursday, August 14th. Weiss Ratings restated a “hold (c-)” rating on shares of Devon Energy in a report on Wednesday, October 8th. Finally, BMO Capital Markets raised their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an “outperform” rating in a report on Monday, July 14th. Seventeen research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $43.14.

Devon Energy Stock Down 0.9%

DVN stock opened at $31.73 on Monday. The firm has a 50 day moving average of $34.52 and a 200 day moving average of $32.90. The stock has a market capitalization of $20.14 billion, a PE ratio of 7.12, a price-to-earnings-growth ratio of 1.87 and a beta of 1.03. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $41.06.

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

Devon Energy Announces Dividend

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

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy 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 sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by company insiders.

Devon Energy 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.