Kestra Advisory Services LLC Has $8.63 Million Position in Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Apr 16th, 2023

Kestra Advisory Services LLC grew its position in Devon Energy Co. (NYSE:DVN – Get Rating) by 26.6% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 140,257 shares of the energy company’s stock after buying an additional 29,480 shares during the quarter. Kestra Advisory Services LLC’s holdings in Devon Energy were worth $8,627,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Devon Energy by 2.2% in the 3rd quarter. Vanguard Group Inc. now owns 77,173,489 shares of the energy company’s stock valued at $4,640,442,000 after buying an additional 1,637,042 shares in the last quarter. State Street Corp increased its position in Devon Energy by 7.3% during the 3rd quarter. State Street Corp now owns 42,814,521 shares of the energy company’s stock worth $2,574,437,000 after purchasing an additional 2,902,180 shares in the last quarter. Boston Partners increased its position in Devon Energy by 7.7% during the 3rd quarter. Boston Partners now owns 11,158,526 shares of the energy company’s stock worth $672,993,000 after purchasing an additional 797,813 shares in the last quarter. Bank of New York Mellon Corp increased its position in Devon Energy by 16.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 10,141,280 shares of the energy company’s stock worth $609,794,000 after purchasing an additional 1,469,557 shares in the last quarter. Finally, Northern Trust Corp increased its position in Devon Energy by 1.4% during the 1st quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after purchasing an additional 99,059 shares in the last quarter. 78.08% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Richard E. Muncrief purchased 10,000 shares of Devon Energy stock in a transaction on Friday, February 17th. The stock was acquired at an average cost 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 SEC, which is available at this hyperlink. In other Devon Energy news, EVP Dennis C. Cameron sold 7,179 shares of the firm’s stock in a transaction on Friday, February 17th. The shares were sold at an average price of $54.77, for a total value 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 $14,377,015.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard E. Muncrief purchased 10,000 shares of Devon Energy stock in a transaction on Friday, February 17th. The stock was bought at an average price of $53.28 per share, with a total value of $532,800.00. Following the completion of 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. Corporate insiders own 0.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Raymond James lowered their price objective on shares of Devon Energy from $80.00 to $67.00 and set a “strong-buy” rating for the company in a research report on Wednesday, February 22nd. StockNews.com assumed coverage on shares of Devon Energy in a research report on Thursday, March 16th. They set a “hold” rating for the company. Mizuho reiterated a “buy” rating and set a $71.00 price objective on shares of Devon Energy in a research report on Tuesday, April 11th. Susquehanna reduced their target price on shares of Devon Energy from $79.00 to $72.00 and set a “positive” rating on the stock in a report on Thursday, February 16th. Finally, Sanford C. Bernstein decreased their price target on shares of Devon Energy from $84.00 to $71.00 and set an “outperform” rating for the company in a research report on Thursday, February 16th. Eight research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $71.89.

Devon Energy Trading Up 0.9 %

DVN opened at $55.70 on Friday. Devon Energy Co. has a twelve month low of $44.03 and a twelve month high of $79.40. The company has a quick ratio of 1.19, a current ratio of 1.25 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average of $53.55 and a 200-day moving average of $61.90. The stock has a market cap of $36.43 billion, a PE ratio of 6.11, a price-to-earnings-growth ratio of 0.16 and a beta of 2.33.

Devon Energy (NYSE:DVN – Get Rating) last posted 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). Devon Energy had a return on equity of 52.20% and a net margin of 31.38%. The firm had revenue of $4.30 billion for the quarter, compared to analyst estimates of $4.29 billion. During the same quarter last year, the company earned $1.39 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy Co. will post 6.52 EPS for the current year.

Devon Energy Increases Dividend

The company also recently disclosed 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. 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 dividend yield of 9.3%. Devon Energy’s dividend payout ratio is 8.77%.

Devon Energy Company Profile

(Get Rating)

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.