Optimum Investment Advisors Has $65,000 Stock Position in Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Mar 18th, 2023

Optimum Investment Advisors grew its stake in Devon Energy Co. (NYSE:DVN – Get Rating) by 110.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,050 shares of the energy company’s stock after purchasing an additional 550 shares during the period. Optimum Investment Advisors’ holdings in Devon Energy were worth $65,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. O Shaughnessy Asset Management LLC grew its stake in shares of Devon Energy by 11.1% in the 2nd quarter. O Shaughnessy Asset Management LLC now owns 114,108 shares of the energy company’s stock valued at $6,288,000 after purchasing an additional 11,381 shares during the period. Trustcore Financial Services LLC grew its position in Devon Energy by 23.1% during the 3rd quarter. Trustcore Financial Services LLC now owns 1,600 shares of the energy company’s stock worth $96,000 after acquiring an additional 300 shares during the last quarter. Voya Investment Management LLC grew its position in Devon Energy by 35.9% during the 2nd quarter. Voya Investment Management LLC now owns 332,753 shares of the energy company’s stock worth $18,338,000 after acquiring an additional 87,870 shares during the last quarter. Rothschild Investment Corp IL grew its position in Devon Energy by 11.1% during the 3rd quarter. Rothschild Investment Corp IL now owns 19,627 shares of the energy company’s stock worth $1,181,000 after acquiring an additional 1,955 shares during the last quarter. Finally, Kayne Anderson Rudnick Investment Management LLC grew its position in Devon Energy by 194.4% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 573,342 shares of the energy company’s stock worth $34,475,000 after acquiring an additional 378,590 shares during the last quarter. 78.08% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN opened at $46.15 on Friday. The stock has a market capitalization of $30.18 billion, a price-to-earnings ratio of 5.06, a PEG ratio of 0.14 and a beta of 2.33. The business has a 50-day moving average of $58.77 and a 200-day moving average of $64.30. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.25 and a quick ratio of 1.19. Devon Energy Co. has a fifty-two week low of $44.03 and a fifty-two week high of $79.40.

Devon Energy (NYSE:DVN – Get Rating) last announced its quarterly earnings data on Wednesday, February 15th. The energy company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $1.75 by ($0.09). The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.29 billion. Devon Energy had a net margin of 31.38% and a return on equity of 52.20%. Devon Energy’s revenue was up .6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.39 EPS. As a group, sell-side analysts predict that Devon Energy Co. will post 6.97 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a None dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 15th will be issued a $0.89 dividend. This is a boost from Devon Energy’s previous None dividend of $0.49. The ex-dividend date is Tuesday, March 14th. This represents a dividend yield of 9.3%. Devon Energy’s dividend payout ratio (DPR) is presently 8.77%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research analyst reports. Truist Financial decreased their price target on Devon Energy from $80.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 16th. Mizuho decreased their price objective on Devon Energy from $82.00 to $71.00 in a research report on Friday, March 10th. Sanford C. Bernstein decreased their price objective on Devon Energy from $84.00 to $71.00 and set an “outperform” rating on the stock in a research report on Thursday, February 16th. Piper Sandler cut their price target on Devon Energy from $89.00 to $85.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 7th. Finally, Wells Fargo & Company cut their price target on Devon Energy from $70.00 to $59.00 and set an “equal weight” rating on the stock in a research note on Friday, February 17th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $72.42.

Insider Activity

In other Devon Energy news, CEO Richard E. Muncrief purchased 10,000 shares of Devon Energy stock in a transaction that occurred on Friday, February 17th. The stock was acquired at an average price of $53.28 per share, for a total transaction of $532,800.00. Following the completion of the acquisition, the chief executive officer now owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director John E. Bethancourt acquired 3,765 shares of the business’s stock in a transaction on Friday, February 17th. The stock was purchased at an average cost of $53.06 per share, for a total transaction of $199,770.90. Following the completion of the transaction, the director now directly owns 94,669 shares of the company’s stock, valued at approximately $5,023,137.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Richard E. Muncrief acquired 10,000 shares of the business’s stock in a transaction on Friday, February 17th. The shares were bought at an average price of $53.28 per share, with a total value of $532,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at $105,173,494.56. The disclosure for this purchase can be found here. 0.80% of the stock is owned by corporate insiders.

About Devon Energy

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Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.