37,781 Shares in Devon Energy Corporation $DVN Acquired by Centric Wealth Management

Centric Wealth Management purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the fourth quarter, Holdings Channel reports. The fund purchased 37,781 shares of the energy company’s stock, valued at approximately $1,517,000.

Several other hedge funds have also modified their holdings of the stock. Valeo Financial Advisors LLC raised its stake in shares of Devon Energy by 14.2% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,553 shares of the energy company’s stock valued at $387,000 after acquiring an additional 1,314 shares in the last quarter. Plato Investment Management Ltd purchased a new position in Devon Energy in the fourth quarter valued at $733,000. NewEdge Wealth LLC purchased a new position in Devon Energy in the fourth quarter valued at $14,640,000. Denali Advisors LLC increased its holdings in Devon Energy by 33.4% in the fourth quarter. Denali Advisors LLC now owns 11,392 shares of the energy company’s stock valued at $417,000 after buying an additional 2,855 shares during the last quarter. Finally, Chesapeake Capital Corp IL purchased a new position in Devon Energy in the fourth quarter valued at $545,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.60 on Monday. The stock’s 50-day moving average is $47.32 and its two-hundred day moving average is $40.82. The firm has a market cap of $28.34 billion, a price-to-earnings ratio of 12.70, a PEG ratio of 0.70 and a beta of 0.43. Devon Energy Corporation has a 1 year low of $30.24 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 EPS. Analysts predict that Devon Energy Corporation will post 5.66 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a dividend of $0.32 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s dividend payout ratio is 26.74%.

Key Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon completed its merger with Coterra Energy, creating a larger shale operator with a stronger asset base and a continued NYSE listing under DVN. Article: Devon Energy and Coterra Energy Complete Merger
• Positive Sentiment: The board approved an $8 billion share buyback plan, boosting shareholder returns and suggesting management sees the stock as attractive at current levels. Article: Shale producer Devon Energy approves $8 billion share buyback plan
• Positive Sentiment: Devon raised its quarterly dividend to $0.32 per share from $0.24, a meaningful increase that should appeal to income-focused investors. Article: Devon Energy Corp. stock outperforms competitors despite losses on the day
• Neutral Sentiment: The combined company will be headquartered in Houston while maintaining a significant presence in Oklahoma City, with operations continuing under the Devon name and ticker. Article: Devon Energy completes $58bn merger with Coterra Energy
• Neutral Sentiment: Devon’s latest quarterly results were mixed, with earnings slightly below expectations and revenue below forecasts, which may temper enthusiasm despite the merger and capital-return news.

Analysts Set New Price Targets

Several research firms recently commented on DVN. Scotiabank increased their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Barclays increased their target price on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Siebert Williams Shank increased their target price on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, January 26th. Wells Fargo & Company reissued an “overweight” rating and issued a $66.00 target price on shares of Devon Energy in a report on Monday, April 20th. Finally, Susquehanna increased their target price on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a report on Tuesday, April 21st. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $55.59.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.