Arkadios Wealth Advisors Acquires 24,058 Shares of Devon Energy Corporation $DVN

Arkadios Wealth Advisors lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 28.9% in the 2nd quarter, HoldingsChannel reports. The fund owned 107,306 shares of the energy company’s stock after purchasing an additional 24,058 shares during the period. Arkadios Wealth Advisors’ holdings in Devon Energy were worth $3,413,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. SVB Wealth LLC increased its position in shares of Devon Energy by 4.1% during the first quarter. SVB Wealth LLC now owns 8,131 shares of the energy company’s stock worth $304,000 after acquiring an additional 321 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of Devon Energy by 0.4% during the second quarter. Yousif Capital Management LLC now owns 87,272 shares of the energy company’s stock worth $2,776,000 after acquiring an additional 321 shares in the last quarter. MAS Advisors LLC increased its position in shares of Devon Energy by 4.3% during the second quarter. MAS Advisors LLC now owns 7,951 shares of the energy company’s stock worth $253,000 after acquiring an additional 327 shares in the last quarter. Whittier Trust Co. increased its position in shares of Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company’s stock worth $72,000 after acquiring an additional 377 shares in the last quarter. Finally, Callan Family Office LLC boosted its holdings in Devon Energy by 3.7% during the first quarter. Callan Family Office LLC now owns 10,581 shares of the energy company’s stock worth $396,000 after purchasing an additional 377 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently weighed in on DVN shares. Piper Sandler cut 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. Roth Capital started coverage on shares of Devon Energy in a report on Monday, October 13th. They set a “buy” rating and a $42.00 price target on the stock. Wells Fargo & Company cut their price target on shares of Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. Mizuho cut their price target on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday, September 15th. Finally, Barclays cut their price target on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.14.

Devon Energy Stock Up 0.0%

Devon Energy stock opened at $32.03 on Thursday. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $40.54. The firm has a 50 day moving average price of $34.36 and a 200-day moving average price of $33.11. The company has a market capitalization of $20.33 billion, a P/E ratio of 7.18, a P/E/G ratio of 2.48 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 (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share 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 firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm earned $1.41 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current 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 of this dividend was Monday, September 15th. Devon Energy’s dividend payout ratio is currently 21.52%.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the 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 transaction, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.71% of the stock is owned by corporate 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.