15,948 Shares in Devon Energy Co. (NYSE:DVN) Purchased by Palisade Capital Management LLC NJ

Palisade Capital Management LLC NJ bought a new position in shares of Devon Energy Co. (NYSE:DVNGet Rating) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 15,948 shares of the energy company’s stock, valued at approximately $943,000.

Other institutional investors have also added to or reduced their stakes in the company. WASHINGTON TRUST Co acquired a new stake in Devon Energy during the first quarter worth about $26,000. JNBA Financial Advisors lifted its stake in Devon Energy by 274.4% during the first quarter. JNBA Financial Advisors now owns 498 shares of the energy company’s stock worth $29,000 after purchasing an additional 365 shares during the period. Riverview Trust Co bought a new position in Devon Energy during the first quarter worth about $30,000. Curi Wealth Management LLC bought a new position in Devon Energy during the fourth quarter worth about $33,000. Finally, Northwest Investment Counselors LLC bought a new position in Devon Energy during the first quarter worth about $33,000. 87.01% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction 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 completion of the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at approximately $14,472,904.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of Devon Energy stock in a transaction 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 completion of the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at approximately $14,472,904.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann G. Fox sold 2,150 shares of Devon Energy stock in a transaction on Monday, June 13th. The stock was sold at an average price of $70.27, for a total transaction of $151,080.50. Following the sale, the director now directly owns 26,858 shares of the company’s stock, valued at approximately $1,887,311.66. The disclosure for this sale can be found here. Company insiders own 0.80% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on DVN. Susquehanna raised their price target on shares of Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. Susquehanna Bancshares raised their price target on shares of Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. Raymond James raised their price target on shares of Devon Energy from $90.00 to $102.00 in a research note on Thursday, June 9th. Truist Financial raised their price target on shares of Devon Energy from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Finally, Johnson Rice cut shares of Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, May 24th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $76.24.

Devon Energy Stock Performance

DVN stock opened at $56.65 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.55 and a quick ratio of 1.32. The company has a 50 day moving average price of $61.19 and a 200 day moving average price of $59.94. Devon Energy Co. has a fifty-two week low of $24.46 and a fifty-two week high of $79.40. The stock has a market capitalization of $37.09 billion, a PE ratio of 7.19 and a beta of 2.55.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The firm had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the previous year, the company posted $0.60 EPS. Devon Energy’s revenue was up 132.8% on a year-over-year basis. Analysts forecast that Devon Energy Co. will post 9.02 EPS for the current year.

Devon Energy declared that its Board of Directors has initiated a stock repurchase plan on Monday, May 2nd that permits the company to repurchase $2.00 billion in shares. This repurchase authorization permits the energy company to buy up to 4.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its shares are undervalued.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a yield of 10.94%. 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 64.47%.

Devon Energy Company Profile

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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.

See Also

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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