Simplicity Solutions LLC Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Posted by Defense World Staff on Jul 17th, 2023

Simplicity Solutions LLC grew its position in Devon Energy Co. (NYSE:DVN – Free Report) by 247.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 30,114 shares of the energy company’s stock after acquiring an additional 21,442 shares during the period. Simplicity Solutions LLC’s holdings in Devon Energy were worth $1,524,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Wahed Invest LLC boosted its holdings in shares of Devon Energy by 2.1% in the first quarter. Wahed Invest LLC now owns 7,933 shares of the energy company’s stock valued at $469,000 after acquiring an additional 161 shares in the last quarter. Savant Capital LLC lifted its stake in shares of Devon Energy by 0.9% in the fourth quarter. Savant Capital LLC now owns 18,931 shares of the energy company’s stock valued at $1,164,000 after purchasing an additional 164 shares during the period. Kanawha Capital Management LLC lifted its stake in shares of Devon Energy by 1.7% in the fourth quarter. Kanawha Capital Management LLC now owns 9,782 shares of the energy company’s stock valued at $602,000 after purchasing an additional 166 shares during the period. Deane Retirement Strategies Inc. lifted its stake in shares of Devon Energy by 0.4% in the fourth quarter. Deane Retirement Strategies Inc. now owns 48,249 shares of the energy company’s stock valued at $2,968,000 after purchasing an additional 178 shares during the period. Finally, Duncker Streett & Co. Inc. raised its position in Devon Energy by 18.8% during the fourth quarter. Duncker Streett & Co. Inc. now owns 1,140 shares of the energy company’s stock worth $70,000 after acquiring an additional 180 shares during the last quarter. Hedge funds and other institutional investors own 71.00% of the company’s stock.

Analysts Set New Price Targets

DVN has been the subject of a number of recent research reports. Mizuho lowered their price target on shares of Devon Energy from $71.00 to $65.00 in a report on Friday, May 19th. Bank of America lowered their price target on shares of Devon Energy from $67.00 to $60.00 in a report on Tuesday, May 9th. Evercore ISI lowered their price target on shares of Devon Energy from $52.00 to $50.00 in a report on Monday, July 10th. Truist Financial lowered their target price on shares of Devon Energy from $87.00 to $81.00 in a report on Wednesday, May 10th. Finally, StockNews.com downgraded shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 17th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.53.

Devon Energy Trading Down 4.3 %

NYSE DVN opened at $48.90 on Monday. The company’s fifty day simple moving average is $48.65 and its 200-day simple moving average is $53.51. Devon Energy Co. has a 52 week low of $44.03 and a 52 week high of $78.82. The company has a current ratio of 1.09, a quick ratio of 1.02 and a debt-to-equity ratio of 0.56. The stock has a market cap of $31.98 billion, a P/E ratio of 5.33, a PEG ratio of 0.17 and a beta of 2.31.

Devon Energy (NYSE:DVN – Get Free Report) last posted its earnings results on Monday, May 8th. The energy company reported $1.46 EPS for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. Devon Energy had a net margin of 31.39% and a return on equity of 47.42%. The business had revenue of $3.82 billion for the quarter, compared to analysts’ expectations of $3.82 billion. During the same period in the previous year, the company posted $1.88 earnings per share. The business’s revenue for the quarter was up .3% compared to the same quarter last year. Equities research analysts predict that Devon Energy Co. will post 6.01 EPS for the current fiscal year.

Devon Energy Cuts Dividend

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

Insider Activity at Devon Energy

In related news, EVP Dennis C. Cameron sold 8,292 shares of the company’s stock in a transaction on Friday, May 5th. The shares were sold at an average price of $49.97, for a total value of $414,351.24. Following the sale, the executive vice president now directly owns 218,418 shares of the company’s stock, valued at $10,914,347.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.63% of the stock is currently owned by corporate insiders.

Devon Energy 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.