Pittenger & Anderson Inc. purchased a new stake in shares of Devon Energy Co. (NYSE:DVN – Get Rating) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 2,700 shares of the energy company’s stock, valued at approximately $149,000.
A number of other large investors have also recently modified their holdings of the business. Boenning & Scattergood Inc. boosted its position in shares of Devon Energy by 23.7% during the 2nd quarter. Boenning & Scattergood Inc. now owns 10,977 shares of the energy company’s stock valued at $605,000 after acquiring an additional 2,104 shares during the last quarter. Parkside Financial Bank & Trust lifted its position in Devon Energy by 14.5% in the 2nd quarter. Parkside Financial Bank & Trust now owns 2,649 shares of the energy company’s stock worth $146,000 after buying an additional 335 shares during the last quarter. Private Advisor Group LLC lifted its position in Devon Energy by 25.5% in the 2nd quarter. Private Advisor Group LLC now owns 70,432 shares of the energy company’s stock worth $3,882,000 after buying an additional 14,321 shares during the last quarter. Gateway Investment Advisers LLC lifted its position in Devon Energy by 3.1% in the 2nd quarter. Gateway Investment Advisers LLC now owns 9,295 shares of the energy company’s stock worth $512,000 after buying an additional 277 shares during the last quarter. Finally, Castle Rock Wealth Management LLC bought a new stake in Devon Energy in the 2nd quarter worth approximately $200,000. Institutional investors own 79.19% of the company’s stock.
Insider Transactions at Devon Energy
In related news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction dated Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total value of $242,956.35. Following the completion of the sale, the executive vice president now directly owns 270,269 shares in the company, valued at approximately $14,472,904.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.80% of the stock is owned by insiders.
Devon Energy Price Performance
Devon Energy (NYSE:DVN – Get Rating) last posted its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.21. The firm had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. Devon Energy’s quarterly revenue was up 132.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.60 EPS. Research analysts expect that Devon Energy Co. will post 9.24 EPS for the current fiscal year.
Devon Energy Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be given a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 9.82%. The ex-dividend date of this dividend is Friday, September 9th. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. Devon Energy’s payout ratio is currently 9.14%.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the company. Piper Sandler dropped their target price on Devon Energy from $97.00 to $94.00 in a research report on Friday, July 22nd. Citigroup boosted their target price on Devon Energy from $62.00 to $77.00 and gave the stock a “buy” rating in a research report on Wednesday. Morgan Stanley boosted their target price on Devon Energy from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Monday, August 29th. Barclays set a $89.00 price objective on Devon Energy in a research report on Tuesday, July 19th. Finally, Raymond James boosted their target price on Devon Energy from $80.00 to $85.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 17th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $77.06.
About Devon Energy
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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