CreativeOne Wealth LLC Increases Stock Position in Devon Energy Co. (NYSE:DVN)

CreativeOne Wealth LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 76.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,421 shares of the energy company’s stock after purchasing an additional 8,436 shares during the period. CreativeOne Wealth LLC’s holdings in Devon Energy were worth $975,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Payden & Rygel Investment Group acquired a new stake in shares of Devon Energy in the first quarter valued at about $176,000. Natixis acquired a new stake in Devon Energy during the first quarter worth about $3,233,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Devon Energy during the first quarter worth about $734,000. CANADA LIFE ASSURANCE Co increased its position in Devon Energy by 1.3% during the first quarter. CANADA LIFE ASSURANCE Co now owns 339,129 shares of the energy company’s stock worth $17,029,000 after purchasing an additional 4,331 shares during the last quarter. Finally, Lake Street Advisors Group LLC acquired a new stake in Devon Energy during the first quarter worth about $2,113,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.73% of the stock is currently owned by company insiders.

Devon Energy Stock Up 0.1 %

Shares of DVN stock traded up $0.06 during trading on Friday, reaching $46.34. The company’s stock had a trading volume of 4,327,154 shares, compared to its average volume of 5,853,101. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $29.29 billion, a price-to-earnings ratio of 8.85, a P/E/G ratio of 0.77 and a beta of 2.07. The stock’s 50-day moving average price is $47.19 and its 200 day moving average price is $47.11. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The firm had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the previous year, the business posted $1.46 earnings per share. The business’s quarterly revenue was down 5.9% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analyst Ratings Changes

Several equities research analysts recently issued reports on DVN shares. Sanford C. Bernstein cut their price objective on shares of Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Morgan Stanley raised their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday. Scotiabank dropped their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Finally, StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Saturday. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.