4,192 Shares in Devon Energy Co. (NYSE:DVN) Purchased by Bridgewealth Advisory Group LLC

Bridgewealth Advisory Group LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,192 shares of the energy company’s stock, valued at approximately $210,000.

Other large investors have also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC raised its holdings in shares of Devon Energy by 5.4% in the 1st quarter. Hexagon Capital Partners LLC now owns 7,573 shares of the energy company’s stock worth $380,000 after purchasing an additional 391 shares during the period. Park Place Capital Corp purchased a new stake in shares of Devon Energy during the 1st quarter valued at about $226,000. Oliver Luxxe Assets LLC raised its holdings in shares of Devon Energy by 1.1% during the 1st quarter. Oliver Luxxe Assets LLC now owns 91,963 shares of the energy company’s stock valued at $4,615,000 after buying an additional 1,045 shares during the period. MCF Advisors LLC raised its holdings in shares of Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock valued at $202,000 after buying an additional 215 shares during the period. Finally, First Dallas Securities Inc. raised its holdings in shares of Devon Energy by 83.0% during the 1st quarter. First Dallas Securities Inc. now owns 13,562 shares of the energy company’s stock valued at $681,000 after buying an additional 6,151 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Devon Energy stock traded up $0.33 during mid-day trading on Monday, hitting $47.73. 4,480,861 shares of the company’s stock traded hands, compared to its average volume of 7,346,412. The firm has a 50 day moving average price of $48.64 and a 200 day moving average price of $46.95. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company has a market cap of $30.17 billion, a PE ratio of 9.11, a price-to-earnings-growth ratio of 1.25 and a beta of 2.07. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the business earned $1.46 EPS. The company’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of Devon Energy stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.73% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several analyst reports. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $46.00 to $59.00 in a report on Monday, April 1st. Barclays initiated coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 target price on the stock. Bank of America reiterated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Truist Financial dropped their target price on Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a report on Friday, May 3rd. Finally, JPMorgan Chase & Co. raised their price objective on Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, April 8th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Company 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.