North Star Investment Management Corp. Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Jul 17th, 2023

North Star Investment Management Corp. grew its position in Devon Energy Co. (NYSE:DVN – Free Report) by 15.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,059 shares of the energy company’s stock after purchasing an additional 400 shares during the quarter. North Star Investment Management Corp.’s holdings in Devon Energy were worth $155,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DVN. WFA of San Diego LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $25,000. Tyler Stone Wealth Management acquired a new stake in Devon Energy during the 4th quarter worth about $25,000. Clearview Wealth Advisors LLC purchased a new stake in Devon Energy during the 1st quarter valued at about $25,000. Tradewinds Capital Management LLC increased its holdings 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 valued at $26,000 after purchasing an additional 230 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy in the first quarter worth about $26,000. Institutional investors and hedge funds own 71.00% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Dennis C. Cameron sold 8,292 shares of the company’s stock in a transaction that occurred on Friday, May 5th. The stock was sold at an average price of $49.97, for a total value of $414,351.24. Following the completion of the sale, the executive vice president now directly owns 218,418 shares in the company, valued at $10,914,347.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.63% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on DVN shares. Mizuho dropped their target price on Devon Energy from $71.00 to $65.00 in a research report on Friday, May 19th. The Goldman Sachs Group raised shares of Devon Energy from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $63.00 to $58.00 in a report on Tuesday, June 13th. StockNews.com lowered shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. Bank of America decreased their price objective on Devon Energy from $67.00 to $60.00 in a report on Tuesday, May 9th. Finally, Piper Sandler dropped their target price on Devon Energy from $82.00 to $71.00 in a report on Tuesday, June 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $66.53.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $48.90 on Monday. The stock has a market capitalization of $31.98 billion, a P/E ratio of 5.33, a PEG ratio of 0.16 and a beta of 2.31. The business has a 50 day simple moving average of $48.65 and a two-hundred day simple moving average of $53.51. Devon Energy Co. has a 12 month low of $44.03 and a 12 month high of $78.82. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.09 and a quick ratio of 1.02.

Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings data on Monday, May 8th. The energy company reported $1.46 EPS for the quarter, beating the consensus estimate of $1.39 by $0.07. Devon Energy had a return on equity of 47.42% and a net margin of 31.39%. The firm had revenue of $3.82 billion during the quarter, compared to the consensus estimate of $3.82 billion. During the same period in the prior year, the company earned $1.88 EPS. The firm’s revenue was up .3% compared to the same quarter last year. As a group, analysts predict that Devon Energy Co. will post 6.01 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 15th were issued a $0.72 dividend. The ex-dividend date was Wednesday, June 14th. This represents a $2.88 dividend on an annualized basis and a yield of 5.89%. Devon Energy’s payout ratio is 8.72%.

Devon Energy Company Profile

(Free Report)

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.