Ballentine Partners LLC Purchases 4,871 Shares of Devon Energy Co. (NYSE:DVN)

Posted by on Apr 10th, 2023

Ballentine Partners LLC boosted its position in Devon Energy Co. (NYSE:DVN – Get Rating) by 107.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,420 shares of the energy company’s stock after buying an additional 4,871 shares during the quarter. Ballentine Partners LLC’s holdings in Devon Energy were worth $579,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC lifted its position in shares of Devon Energy by 115.0% in the fourth quarter. Tradewinds Capital Management LLC now owns 430 shares of the energy company’s stock worth $26,000 after purchasing an additional 230 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Devon Energy during the 1st quarter worth about $26,000. SJS Investment Consulting Inc. acquired a new position in shares of Devon Energy during the 3rd quarter worth about $29,000. Financial Enhancement Group LLC bought a new position in shares of Devon Energy in the 3rd quarter valued at about $29,000. Finally, Romano Brothers AND Company acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $29,000. Institutional investors own 78.08% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of analyst reports. Citigroup decreased their price target on Devon Energy from $77.00 to $66.00 and set a “buy” rating for the company in a research note on Thursday, February 23rd. Morgan Stanley cut their price objective on Devon Energy from $61.00 to $52.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Sanford C. Bernstein cut their target price on shares of Devon Energy from $84.00 to $71.00 and set an “outperform” rating for the company in a research note on Thursday, February 16th. Piper Sandler decreased their price target on shares of 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 objective on shares of Devon Energy from $70.00 to $59.00 and set an “equal weight” rating for the company in a research report on Friday, February 17th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.95.

Insider Buying and Selling at Devon Energy

In related news, EVP Dennis C. Cameron sold 7,179 shares of the company’s stock in a transaction on Friday, February 17th. The stock was sold at an average price of $54.77, for a total transaction of $393,193.83. Following the completion of the sale, the executive vice president now directly owns 262,498 shares in the company, valued at approximately $14,377,015.46. The sale was disclosed in a filing with the SEC, which is available through this link. In other Devon Energy news, EVP Dennis C. Cameron sold 7,179 shares of Devon Energy stock in a transaction dated Friday, February 17th. The stock was sold at an average price of $54.77, for a total value of $393,193.83. Following the transaction, the executive vice president now owns 262,498 shares in the company, valued at $14,377,015.46. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Richard E. Muncrief bought 10,000 shares of the company’s stock in a transaction dated Friday, February 17th. The stock was bought at an average cost of $53.28 per share, with a total value of $532,800.00. Following the acquisition, the chief executive officer now directly owns 1,973,977 shares of the company’s stock, valued at approximately $105,173,494.56. The disclosure for this purchase can be found here. Company insiders own 0.80% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $52.91 on Monday. The firm has a market cap of $34.60 billion, a P/E ratio of 5.80, a price-to-earnings-growth ratio of 0.15 and a beta of 2.33. The business’s fifty day moving average is $54.27 and its 200-day moving average is $62.05. Devon Energy Co. has a 52-week low of $44.03 and a 52-week high of $79.40. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.19 and a current ratio of 1.25.

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

Devon Energy Increases Dividend

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

Devon Energy Company Profile

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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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