Rakuten Investment Management Inc. Makes New $7.78 Million Investment in Devon Energy Corporation $DVN

Rakuten Investment Management Inc. acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel.com reports. The firm acquired 185,340 shares of the energy company’s stock, valued at approximately $7,782,000.

Other large investors have also made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the fourth quarter valued at $25,000. JFS Wealth Advisors LLC grew its position in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the period. Parvin Asset Management LLC acquired a new stake in Devon Energy during the 2nd quarter worth about $28,000. MV Capital Management Inc. acquired a new stake in Devon Energy during the 4th quarter worth about $29,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in shares of Devon Energy during the 2nd quarter valued at about $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DVN shares. Citigroup boosted their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Weiss Ratings lowered shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday. Finally, Truist Financial upped their price target on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Stock Performance

NYSE:DVN opened at $47.42 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a fifty day moving average of $44.19 and a two-hundred day moving average of $45.62. The stock has a market capitalization of $52.16 billion, a PE ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same period last year, the firm posted $0.84 earnings per share. The company’s revenue was up 73.1% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s dividend payout ratio (DPR) 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.