Dockside LLC Purchases New Position in Devon Energy Corporation $DVN

Dockside LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 28,034 shares of the energy company’s stock, valued at approximately $1,027,000.

Several other institutional investors have also recently added to or reduced their stakes in DVN. Woodline Partners LP increased its position in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in Devon Energy in the 2nd quarter valued at about $403,000. Jump Financial LLC increased its position in Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its position in Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC increased its position in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after acquiring an additional 8,127 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Mizuho raised their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Royal Bank Of Canada raised their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research report on Wednesday. Finally, Piper Sandler raised their price objective on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Insiders Place Their Bets

In other news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.26 on Monday. The company’s fifty day simple moving average is $47.04 and its 200-day simple moving average is $43.14. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a market cap of $28.13 billion, a PE ratio of 12.61 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the firm earned $0.82 EPS. The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.73 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.8%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s payout ratio is currently 26.74%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.