Highland Capital Management LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 22,679 shares of the energy company’s stock, valued at approximately $1,250,000.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. WASHINGTON TRUST Co bought a new stake in Devon Energy in the 1st quarter valued at $26,000. Canada Pension Plan Investment Board bought a new stake in Devon Energy in the 1st quarter valued at $26,000. JNBA Financial Advisors increased its holdings in Devon Energy by 274.4% in the 1st quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock valued at $29,000 after buying an additional 365 shares during the period. Riverview Trust Co bought a new stake in Devon Energy in the 1st quarter valued at $30,000. Finally, American National Bank grew its holdings in shares of Devon Energy by 202.8% in the 2nd quarter. American National Bank now owns 539 shares of the energy company’s stock worth $30,000 after purchasing an additional 361 shares during the last quarter. Institutional investors own 79.19% of the company’s stock.
Devon Energy Stock Down 2.1 %
Devon Energy stock opened at $63.12 on Friday. The company’s 50 day simple moving average is $64.42 and its 200 day simple moving average is $63.30. Devon Energy Co. has a fifty-two week low of $30.49 and a fifty-two week high of $79.40. The firm has a market capitalization of $41.33 billion, a price-to-earnings ratio of 8.01, a PEG ratio of 0.13 and a beta of 2.47. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.55 and a quick ratio of 1.55.
Devon Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be paid a dividend of $1.55 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. This represents a $6.20 annualized dividend and a yield of 9.82%. Devon Energy’s dividend payout ratio (DPR) is presently 9.14%.
Insider Buying and Selling
In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of the firm’s stock in a transaction that occurred on Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now directly owns 270,269 shares in the company, valued at approximately $14,472,904.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.80% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on DVN shares. Bank of America lowered their target price on shares of Devon Energy from $80.00 to $66.00 and set a “neutral” rating on the stock in a report on Tuesday, July 19th. Piper Sandler lowered their target price on shares of Devon Energy from $97.00 to $94.00 in a report on Friday, July 22nd. Truist Financial upped their target price on shares of Devon Energy from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, August 10th. Credit Suisse Group upped their target price on shares of Devon Energy from $75.00 to $82.00 and gave the stock an “outperform” rating in a report on Thursday, June 9th. Finally, Morgan Stanley upped their price target on shares of Devon Energy from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Monday, August 29th. Eight analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $77.06.
Devon Energy Profile
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.
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