Marietta Wealth Management LLC Buys 19,925 Shares of Devon Energy Co. (NYSE:DVN)

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Marietta Wealth Management LLC raised its stake in Devon Energy Co. (NYSE:DVNGet Rating) by 40.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 69,759 shares of the energy company’s stock after purchasing an additional 19,925 shares during the quarter. Marietta Wealth Management LLC’s holdings in Devon Energy were worth $4,125,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Bank of New York Mellon Corp grew its stake in Devon Energy by 9.6% in the third quarter. Bank of New York Mellon Corp now owns 14,567,536 shares of the energy company’s stock valued at $517,294,000 after purchasing an additional 1,270,392 shares in the last quarter. GQG Partners LLC grew its stake in Devon Energy by 4.3% in the fourth quarter. GQG Partners LLC now owns 14,507,422 shares of the energy company’s stock valued at $638,965,000 after purchasing an additional 595,212 shares in the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 12,797,427 shares of the energy company’s stock valued at $562,357,000 after purchasing an additional 621,809 shares in the last quarter. American Century Companies Inc. grew its stake in Devon Energy by 2.6% in the fourth quarter. American Century Companies Inc. now owns 5,876,231 shares of the energy company’s stock valued at $258,848,000 after purchasing an additional 149,460 shares in the last quarter. Finally, Boston Partners boosted its stake in shares of Devon Energy by 174.3% during the 4th quarter. Boston Partners now owns 5,691,104 shares of the energy company’s stock worth $250,767,000 after acquiring an additional 3,616,599 shares during the period. Hedge funds and other institutional investors own 87.01% of the company’s stock.

Shares of NYSE DVN opened at $56.54 on Wednesday. The stock has a market capitalization of $37.32 billion, a PE ratio of 10.61 and a beta of 2.59. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.32 and a quick ratio of 1.32. The business has a fifty day moving average price of $67.37 and a two-hundred day moving average price of $57.46. Devon Energy Co. has a fifty-two week low of $24.05 and a fifty-two week high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last announced its quarterly earnings data on Monday, May 2nd. The energy company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.74 by $0.14. The firm had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Devon Energy had a return on equity of 36.57% and a net margin of 25.69%. During the same period in the previous year, the firm earned $0.45 EPS. On average, equities analysts expect that Devon Energy Co. will post 9.1 EPS for the current year.

Devon Energy declared that its board has approved a share repurchase program on Monday, May 2nd that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the energy company to buy up to 4.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Monday, June 13th will be issued a $1.27 dividend. The ex-dividend date is Friday, June 10th. This is a boost from Devon Energy’s previous quarterly dividend of $1.00. This represents a $5.08 annualized dividend and a yield of 8.98%. Devon Energy’s payout ratio is currently 95.31%.

In other news, COO Clay M. Gaspar sold 30,000 shares of the business’s stock in a transaction on Wednesday, April 13th. The stock was sold at an average price of $63.75, for a total transaction of $1,912,500.00. Following the completion of the transaction, the chief operating officer now owns 765,202 shares of the company’s stock, valued at approximately $48,781,627.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kelt Kindick sold 9,049 shares of the business’s stock in a transaction on Friday, May 6th. The stock was sold at an average price of $68.03, for a total value of $615,603.47. Following the transaction, the director now directly owns 42,590 shares of the company’s stock, valued at approximately $2,897,397.70. The disclosure for this sale can be found here. Insiders sold a total of 64,922 shares of company stock valued at $4,269,519 over the last ninety days. Insiders own 0.80% of the company’s stock.

Several research analysts have recently commented on DVN shares. Stifel Nicolaus lifted their target price on Devon Energy from $88.00 to $93.00 in a research note on Thursday, June 9th. Johnson Rice downgraded Devon Energy from a “buy” rating to an “accumulate” rating in a research note on Tuesday, May 24th. Piper Sandler lifted their target price on Devon Energy from $89.00 to $94.00 and gave the stock an “overweight” rating in a research note on Thursday, June 9th. Susquehanna Bancshares lifted their target price on Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. Finally, Truist Financial boosted their price target on Devon Energy from $100.00 to $103.00 and gave the company a “buy” rating in a research note on Thursday, June 9th. Seven equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $74.94.

Devon Energy Profile (Get Rating)

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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