Devon Energy Co. (NYSE:DVN) Shares Acquired by United Services Automobile Association

Financial News Live · Mar 12, 2023 23:43

United Services Automobile Association raised its stake in shares of Devon Energy Co. (NYSE:DVN – Get Rating) by 920.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 235,289 shares of the energy company's stock after buying an additional 212,238 shares during the period. United Services Automobile Association's holdings in Devon Energy were worth $14,148,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. AlphaCrest Capital Management LLC bought a new position in Devon Energy during the 1st quarter valued at $364,000. Acadian Asset Management LLC acquired a new position in Devon Energy during the first quarter worth about $188,000. Blair William & Co. IL raised its position in Devon Energy by 52.1% in the first quarter. Blair William & Co. IL now owns 99,120 shares of the energy company's stock worth $5,861,000 after acquiring an additional 33,936 shares in the last quarter. Sei Investments Co. lifted its holdings in Devon Energy by 9.2% in the 1st quarter. Sei Investments Co. now owns 414,354 shares of the energy company's stock valued at $24,500,000 after acquiring an additional 34,870 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of Devon Energy during the 1st quarter valued at about $26,000. 78.08% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

A number of analysts recently commented on DVN shares. Piper Sandler dropped their target price on shares of Devon Energy from $89.00 to $85.00 and set an "overweight" rating on the stock in a report on Tuesday, March 7th. Mizuho cut their price objective on Devon Energy from $82.00 to $71.00 in a research report on Friday. Truist Financial decreased their target price on Devon Energy from $80.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, February 16th. Raymond James reduced their target price on Devon Energy from $80.00 to $67.00 and set a "strong-buy" rating for the company in a report on Wednesday, February 22nd. Finally, Wells Fargo & Company dropped their price target on Devon Energy from $70.00 to $59.00 and set an "equal weight" rating on the stock in a research note on Friday, February 17th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average target price of $74.39.

Devon Energy Price Performance

DVN opened at $51.76 on Friday. The stock has a fifty day moving average price of $59.73 and a 200 day moving average price of $64.95. The company has a current ratio of 1.25, a quick ratio of 1.19 and a debt-to-equity ratio of 0.55. Devon Energy Co. has a 1 year low of $48.86 and a 1 year high of $79.40. The stock has a market cap of $33.85 billion, a price-to-earnings ratio of 5.68, a PEG ratio of 0.14 and a beta of 2.33.

Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.75 by ($0.09). Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter in the prior year, the firm earned $1.39 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. Analysts forecast that Devon Energy Co. will post 7.04 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a None dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be paid a dividend of $0.89 per share. This is a positive change from Devon Energy's previous None dividend of $0.49. The ex-dividend date is Tuesday, March 14th. This represents a dividend yield of 9.3%. Devon Energy's dividend payout ratio is 7.89%.

Insider Activity

In other Devon Energy news, Director John E. Bethancourt bought 3,765 shares of the stock in a transaction on Friday, February 17th. The shares were purchased at an average cost of $53.06 per share, with a total value of $199,770.90. Following the completion of the transaction, the director now directly owns 94,669 shares of the company's stock, valued at approximately $5,023,137.14. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director John E. Bethancourt bought 3,765 shares of Devon Energy stock in a transaction that occurred on Friday, February 17th. The stock was purchased at an average cost of $53.06 per share, for a total transaction of $199,770.90. Following the acquisition, the director now owns 94,669 shares in the company, valued at $5,023,137.14. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Richard E. Muncrief purchased 10,000 shares of the stock in a transaction on Friday, February 17th. The shares were bought at an average price of $53.28 per share, for a total transaction of $532,800.00. Following the acquisition, the chief executive officer now owns 1,973,977 shares of the company's stock, valued at $105,173,494.56. The disclosure for this purchase can be found here. 0.80% of the stock is owned by insiders.

Devon Energy Profile

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.