Wealth Management Associates Inc. Purchases New Holdings in Devon Energy Corporation $DVN

Wealth Management Associates Inc. acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 7,800 shares of the energy company’s stock, valued at approximately $248,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC grew its stake in Devon Energy by 38.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company’s stock valued at $31,850,000 after buying an additional 236,624 shares during the last quarter. TD Asset Management Inc grew its stake in Devon Energy by 6.4% in the 2nd quarter. TD Asset Management Inc now owns 267,322 shares of the energy company’s stock valued at $8,504,000 after buying an additional 16,106 shares during the last quarter. Savvy Advisors Inc. acquired a new position in Devon Energy in the 1st quarter valued at $384,000. Greatmark Investment Partners Inc. grew its stake in Devon Energy by 7.9% in the 1st quarter. Greatmark Investment Partners Inc. now owns 476,687 shares of the energy company’s stock valued at $17,828,000 after buying an additional 35,060 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in Devon Energy in the 1st quarter valued at $515,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 2.7%

Shares of DVN stock opened at $32.03 on Wednesday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $40.54. The company has a market capitalization of $20.33 billion, a P/E ratio of 7.18, a P/E/G ratio of 2.55 and a beta of 1.03. The firm has a 50-day moving average price of $34.39 and a 200 day moving average price of $33.09. 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 (NYSE:DVN) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share 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 company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. 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 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Mizuho reduced their price target on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Roth Capital started coverage on shares of Devon Energy in a research report on Monday, October 13th. They issued a “buy” rating and a $42.00 price target on the stock. Tudor, Pickering, Holt & Co. raised their price target on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Piper Sandler decreased their price target on shares of Devon Energy from $58.00 to $57.00 and set an “overweight” rating on the stock in a research report on Thursday, August 14th. Finally, Scotiabank restated an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $43.14.

Insider Buying and Selling at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business’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 transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.73% of the stock is currently owned by company insiders.

About Devon Energy

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.