BI Asset Management Fondsmaeglerselskab A S Has $9.71 Million Holdings in Devon Energy Corporation $DVN

BI Asset Management Fondsmaeglerselskab A S grew its holdings in Devon Energy Corporation (NYSE:DVN) by 20.8% in the 1st quarter, Holdings Channel reports. The fund owned 193,052 shares of the energy company’s stock after purchasing an additional 33,244 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S’s holdings in Devon Energy were worth $9,714,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the fourth quarter worth $25,000. Accredited Wealth Management LLC boosted its holdings in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the period. Ameriflex Group Inc. boosted its holdings in Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares during the period. MV Capital Management Inc. acquired a new stake in Devon Energy in the 4th quarter worth $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy in the 4th quarter worth $29,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, 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 sale, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on DVN. Raymond James Financial dropped their price objective on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating on the stock in a report on Monday, June 15th. Wolfe Research increased their target price on shares of Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Truist Financial lifted their target price on Devon Energy from $63.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. UBS Group lowered their price target on Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a research note on Wednesday, June 10th. Finally, Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.44.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $42.21 on Monday. The firm has a market cap of $26.23 billion, a P/E ratio of 11.76 and a beta of 0.38. The firm’s 50-day simple moving average is $46.38 and its 200-day simple moving average is $43.35. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company’s quarterly revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.82 earnings per share. As a group, research analysts expect that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is currently 35.65%.

Devon Energy Company Profile

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.