ICA Group Wealth Management LLC Has $154,000 Stock Holdings in Devon Energy Co. (NYSE:DVN)

Posted by on Sep 11th, 2023

ICA Group Wealth Management LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 26.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,045 shares of the energy company’s stock after buying an additional 630 shares during the period. ICA Group Wealth Management LLC’s holdings in Devon Energy were worth $154,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Mach 1 Financial Group LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at approximately $13,412,000. Tyler Stone Wealth Management acquired a new stake in Devon Energy during the 4th quarter valued at $25,000. Canada Pension Plan Investment Board acquired a new stake in shares of Devon Energy during the first quarter worth $26,000. Clearview Wealth Advisors LLC acquired a new stake in shares of Devon Energy during the first quarter worth $25,000. Finally, Crewe Advisors LLC raised its stake in Devon Energy by 16,633.3% in the first quarter. Crewe Advisors LLC now owns 502 shares of the energy company’s stock valued at $25,000 after purchasing an additional 499 shares in the last quarter. Institutional investors and hedge funds own 68.34% of the company’s stock.

Insider Buying and Selling

In related news, EVP Dennis C. Cameron sold 7,870 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $51.13, for a total transaction of $402,393.10. Following the completion of the sale, the executive vice president now owns 210,548 shares in the company, valued at $10,765,319.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.63% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DVN. The Goldman Sachs Group upgraded Devon Energy from a “neutral” rating to a “buy” rating and decreased their target price for the company from $63.00 to $58.00 in a research report on Tuesday, June 13th. Wells Fargo & Company reduced their price target on Devon Energy from $52.00 to $51.00 and set an “equal weight” rating on the stock in a report on Friday, September 1st. Stifel Nicolaus boosted their price target on Devon Energy from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Friday, August 25th. Mizuho reduced their target price on Devon Energy from $65.00 to $60.00 and set a “buy” rating on the stock in a report on Wednesday, August 16th. Finally, StockNews.com began coverage on Devon Energy in a report on Thursday, August 17th. They issued a “sell” rating on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $64.74.

Check Out Our Latest Stock Report on Devon Energy

Devon Energy Price Performance

Shares of DVN opened at $52.66 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.90 and a current ratio of 0.98. Devon Energy Co. has a 52-week low of $44.03 and a 52-week high of $78.82. The business’s 50 day moving average price is $50.83 and its two-hundred day moving average price is $50.61. The firm has a market cap of $33.74 billion, a PE ratio of 7.20, a price-to-earnings-growth ratio of 0.18 and a beta of 2.34.

Devon Energy (NYSE:DVN – Get Free Report) last issued its earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.18. Devon Energy had a return on equity of 37.89% and a net margin of 28.10%. The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. During the same period in the prior year, the firm earned $2.59 earnings per share. Devon Energy’s revenue for the quarter was down 38.6% on a year-over-year basis. On average, equities analysts anticipate that Devon Energy Co. will post 5.61 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.49 per share. This represents a $1.96 dividend on an annualized basis and a dividend yield of 3.72%. The ex-dividend date of this dividend is Thursday, September 14th. Devon Energy’s payout ratio is 10.94%.

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.

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

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