BI Asset Management Fondsmaeglerselskab A S Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

BI Asset Management Fondsmaeglerselskab A S lifted its holdings in Devon Energy Co. (NYSE:DVN) by 108.3% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,318 shares of the energy company’s stock after purchasing an additional 11,083 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Devon Energy were worth $1,070,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of DVN. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth $28,000. Tradewinds Capital Management LLC purchased a new stake in Devon Energy during the 1st quarter valued at approximately $30,000. Sound Income Strategies LLC lifted its holdings in shares of Devon Energy by 60.7% during the fourth quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock worth $31,000 after purchasing an additional 255 shares during the period. Rise Advisors LLC lifted its stake in shares of Devon Energy by 1,365.3% in the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after acquiring an additional 669 shares during the period. Finally, Jones Financial Companies Lllp boosted its holdings in Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Truist Financial cut their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday. Mizuho boosted their price target on Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Stifel Nicolaus upped their price objective on shares of Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Finally, Susquehanna reaffirmed a “positive” rating and issued a $65.00 target price on shares of Devon Energy in a research report on Tuesday. Four research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.41.

Insiders Place Their Bets

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.73% of the stock is currently owned by company insiders.

Devon Energy Stock Down 0.1 %

Shares of DVN stock traded down $0.05 during mid-day trading on Wednesday, reaching $46.01. 1,855,687 shares of the company were exchanged, compared to its average volume of 7,270,066. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The business’s 50 day simple moving average is $48.03 and its 200 day simple moving average is $47.03. The company has a market capitalization of $29.08 billion, a P/E ratio of 8.79, a P/E/G ratio of 1.23 and a beta of 2.07. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last released its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. During the same quarter in the previous year, the firm earned $1.46 EPS. The company’s revenue was down 5.9% on a year-over-year basis. Research analysts predict that Devon Energy Co. will post 5.25 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

Devon Energy 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.