Devon Energy Corporation $DVN Shares Bought by QRG Capital Management Inc.

QRG Capital Management Inc. lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 44.9% in the 2nd quarter, Holdings Channel reports. The fund owned 301,022 shares of the energy company’s stock after buying an additional 93,324 shares during the period. QRG Capital Management Inc.’s holdings in Devon Energy were worth $12,438,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of DVN. Tobam lifted its position in Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after purchasing an additional 230 shares during the last quarter. TD Private Client Wealth LLC grew its position in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after purchasing an additional 236 shares during the last quarter. JFS Wealth Advisors LLC increased its stake in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares during the period. Catalyst Financial Partners LLC increased its stake in shares of Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after purchasing an additional 254 shares during the period. Finally, Cary Street Partners Investment Advisory LLC increased its stake in shares of Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after purchasing an additional 257 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Truist Financial boosted their price objective on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Jefferies Financial Group raised their target price on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Raymond James Financial reduced their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 16th. Finally, Susquehanna increased their price target on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.60.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $44.87 on Thursday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company’s 50-day moving average price is $43.40 and its two-hundred day moving average price is $45.09. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The stock has a market cap of $27.88 billion, a PE ratio of 10.66 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 EPS. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.91 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy’s dividend payout ratio is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.