Steel Peak Wealth Management LLC Buys Shares of 5,678 Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Apr 6th, 2023

Steel Peak Wealth Management LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN – Get Rating) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 5,678 shares of the energy company’s stock, valued at approximately $349,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Tradewinds Capital Management LLC grew its holdings in Devon Energy by 115.0% in the 4th quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock valued at $26,000 after buying an additional 230 shares during the period. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy in the first quarter worth approximately $26,000. SJS Investment Consulting Inc. purchased a new stake in Devon Energy in the third quarter valued at approximately $29,000. Financial Enhancement Group LLC acquired a new position in Devon Energy during the third quarter worth approximately $29,000. Finally, Romano Brothers AND Company purchased a new position in Devon Energy during the fourth quarter worth approximately $29,000. 78.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Barclays lowered their price objective on shares of Devon Energy from $82.00 to $67.00 in a research note on Friday, March 17th. StockNews.com assumed coverage on Devon Energy in a research note on Thursday, March 16th. They set a “hold” rating for the company. Mizuho reduced their price objective on Devon Energy from $82.00 to $71.00 in a research note on Friday, March 10th. Piper Sandler decreased their target price on Devon Energy from $89.00 to $85.00 and set an “overweight” rating for the company in a report on Tuesday, March 7th. Finally, Citigroup cut their price target on shares of Devon Energy from $77.00 to $66.00 and set a “buy” rating on the stock in a report on Thursday, February 23rd. Eight investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $71.95.

Insider Buying and Selling

In other news, Director John E. Bethancourt purchased 3,765 shares of the company’s stock in a transaction that occurred on Friday, February 17th. The shares were acquired at an average cost of $53.06 per share, with a total value of $199,770.90. Following the transaction, the director now owns 94,669 shares in the company, valued at approximately $5,023,137.14. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director John E. Bethancourt bought 3,765 shares of the firm’s stock in a transaction on Friday, February 17th. The stock was bought at an average cost of $53.06 per share, for a total transaction of $199,770.90. Following the completion of the purchase, the director now directly owns 94,669 shares in the company, valued at approximately $5,023,137.14. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dennis C. Cameron sold 7,179 shares of the stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $54.77, for a total value of $393,193.83. Following the sale, the executive vice president now owns 262,498 shares in the company, valued at $14,377,015.46. The disclosure for this sale can be found here. Insiders own 0.80% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $53.53 on Thursday. The stock’s 50 day moving average is $54.78 and its two-hundred day moving average is $62.24. Devon Energy Co. has a 52-week low of $44.03 and a 52-week high of $79.40. The company has a market capitalization of $35.01 billion, a PE ratio of 5.87, a P/E/G ratio of 0.15 and a beta of 2.33. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN – Get Rating) last issued its quarterly earnings results on Wednesday, February 15th. The energy company reported $1.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.09). Devon Energy had a return on equity of 52.20% and a net margin of 31.38%. The company had revenue of $4.30 billion during the quarter, compared to the consensus estimate of $4.29 billion. During the same quarter last year, the firm posted $1.39 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. Analysts predict that Devon Energy Co. will post 6.66 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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

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.

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

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