Washburn Capital Management Inc. Has $1.02 Million Stake in Devon Energy Co. (NYSE:DVN)

Washburn Capital Management Inc. increased its stake in Devon Energy Co. (NYSE:DVNGet Rating) by 137.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,550 shares of the energy company’s stock after acquiring an additional 10,725 shares during the quarter. Devon Energy accounts for approximately 0.9% of Washburn Capital Management Inc.’s portfolio, making the stock its 21st largest position. Washburn Capital Management Inc.’s holdings in Devon Energy were worth $1,022,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the stock. Ritholtz Wealth Management increased its stake in shares of Devon Energy by 42.2% in the 2nd quarter. Ritholtz Wealth Management now owns 15,060 shares of the energy company’s stock valued at $830,000 after acquiring an additional 4,471 shares in the last quarter. Gilman Hill Asset Management LLC bought a new stake in shares of Devon Energy in the 2nd quarter valued at $5,420,000. Oxinas Partners Wealth Management LLC increased its stake in shares of Devon Energy by 10.2% in the 2nd quarter. Oxinas Partners Wealth Management LLC now owns 4,024 shares of the energy company’s stock valued at $222,000 after acquiring an additional 372 shares in the last quarter. IFM Investors Pty Ltd increased its stake in Devon Energy by 5.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 105,693 shares of the energy company’s stock valued at $5,825,000 after purchasing an additional 5,760 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its stake in Devon Energy by 1.0% during the 2nd quarter. Orion Portfolio Solutions LLC now owns 21,897 shares of the energy company’s stock valued at $1,207,000 after purchasing an additional 209 shares in the last quarter. Institutional investors own 79.19% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of the company’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now directly owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 0.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on DVN. Raymond James boosted their price target on shares of Devon Energy from $80.00 to $85.00 and gave the company a “strong-buy” rating in a research note on Wednesday, August 17th. Morgan Stanley boosted their price target on shares of Devon Energy from $67.00 to $69.00 and gave the company an “equal weight” rating in a research note on Monday, August 29th. Credit Suisse Group boosted their price target on shares of Devon Energy from $75.00 to $82.00 and gave the company an “outperform” rating in a research note on Thursday, June 9th. Mizuho boosted their price target on shares of Devon Energy from $88.00 to $91.00 and gave the company a “buy” rating in a research note on Thursday, August 18th. Finally, JPMorgan Chase & Co. lowered shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $83.00 target price for the company. in a research note on Thursday, September 15th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $77.06.

Devon Energy Stock Performance

Shares of NYSE:DVN traded down $5.62 during midday trading on Friday, reaching $57.50. The company had a trading volume of 610,510 shares, compared to its average volume of 11,437,929. The company’s 50 day moving average price is $64.42 and its 200 day moving average price is $63.30. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. The stock has a market cap of $37.65 billion, a P/E ratio of 7.26, a P/E/G ratio of 0.13 and a beta of 2.47. Devon Energy Co. has a 52-week low of $30.49 and a 52-week high of $79.40.

Devon Energy (NYSE:DVNGet Rating) last released its quarterly earnings data on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, beating the consensus estimate of $2.38 by $0.21. The business had revenue of $5.63 billion for the quarter, compared to the consensus estimate of $4.77 billion. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The company’s revenue was up 132.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.60 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post 9.24 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be issued a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, September 9th. This is an increase from Devon Energy’s previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a yield of 10.78%. Devon Energy’s dividend payout ratio is 9.14%.

Devon Energy Company Profile

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

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