Waratah Capital Advisors Ltd. Increases Holdings in Devon Energy Co. (NYSE:DVN)

Waratah Capital Advisors Ltd. boosted its holdings in shares of Devon Energy Co. (NYSE:DVNGet Rating) by 28.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 341,966 shares of the energy company’s stock after purchasing an additional 75,115 shares during the period. Waratah Capital Advisors Ltd. owned about 0.05% of Devon Energy worth $20,220,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of DVN. Boston Partners increased its holdings in Devon Energy by 174.3% during the 4th quarter. Boston Partners now owns 5,691,104 shares of the energy company’s stock valued at $250,767,000 after purchasing an additional 3,616,599 shares during the period. 1832 Asset Management L.P. grew its holdings in shares of Devon Energy by 101.4% during the 4th quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock worth $235,861,000 after acquiring an additional 2,691,049 shares during the period. Millennium Management LLC grew its holdings in shares of Devon Energy by 1,056.9% during the 4th quarter. Millennium Management LLC now owns 1,449,891 shares of the energy company’s stock worth $63,868,000 after acquiring an additional 1,324,561 shares during the period. First Trust Advisors LP grew its holdings in shares of Devon Energy by 163.9% during the 4th quarter. First Trust Advisors LP now owns 1,786,789 shares of the energy company’s stock worth $78,708,000 after acquiring an additional 1,109,821 shares during the period. Finally, Toronto Dominion Bank grew its holdings in shares of Devon Energy by 304.0% during the 4th quarter. Toronto Dominion Bank now owns 1,473,531 shares of the energy company’s stock worth $64,908,000 after acquiring an additional 1,108,768 shares during the period. Hedge funds and other institutional investors own 87.01% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on DVN shares. Raymond James upped their target price on Devon Energy from $90.00 to $102.00 in a report on Thursday, June 9th. Truist Financial upped their price target on Devon Energy from $103.00 to $115.00 and gave the stock a “buy” rating in a research note on Tuesday, July 19th. Mizuho cut their price target on Devon Energy from $94.00 to $88.00 and set a “buy” rating on the stock in a research note on Tuesday, July 19th. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Bank of America cut their price target on Devon Energy from $80.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 19th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $76.24.

Devon Energy Stock Performance

Shares of NYSE DVN traded up $2.16 during midday trading on Friday, hitting $56.65. 11,507,474 shares of the stock traded hands, compared to its average volume of 10,687,575. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.32 and a current ratio of 1.55. The firm has a market capitalization of $37.09 billion, a P/E ratio of 7.19 and a beta of 2.55. Devon Energy Co. has a one year low of $24.46 and a one year high of $79.40. The firm has a 50-day moving average of $61.19 and a two-hundred day moving average of $59.94.

Devon Energy (NYSE:DVNGet Rating) last posted its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 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 revenue was up 132.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.60 EPS. On average, equities analysts forecast that Devon Energy Co. will post 9.02 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 12th will be paid a $1.55 dividend. This represents a $6.20 annualized dividend and a dividend yield of 10.94%. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date of this dividend is Friday, September 9th. Devon Energy’s dividend payout ratio is 64.47%.

Devon Energy declared that its Board of Directors has authorized a share buyback plan on Monday, May 2nd that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the energy company to reacquire up to 4.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Devon Energy

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

Devon Energy 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

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

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