25,314 Shares in Devon Energy Corporation $DVN Purchased by MidFirst Bank

MidFirst Bank purchased a new position in Devon Energy Corporation (NYSE:DVN) during the 4th quarter, HoldingsChannel reports. The firm purchased 25,314 shares of the energy company’s stock, valued at approximately $927,000.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. TD Private Client Wealth LLC boosted its position in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares in the last quarter. Catalyst Financial Partners LLC raised its holdings in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after purchasing an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake in Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after purchasing an additional 257 shares during the last quarter. Zions Bancorporation National Association UT boosted its holdings in Devon Energy by 7.9% during the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after buying an additional 258 shares in the last quarter. Finally, Michels Family Financial LLC boosted its holdings in Devon Energy by 2.5% during the fourth quarter. Michels Family Financial LLC now owns 11,098 shares of the energy company’s stock worth $407,000 after buying an additional 270 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.2%

Shares of NYSE DVN opened at $42.21 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The business has a 50-day moving average price of $46.38 and a two-hundred day moving average price of $43.31. The firm has a market capitalization of $26.23 billion, a PE ratio of 11.76 and a beta of 0.37.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. As a group, analysts predict that Devon Energy Corporation will post 4.97 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.32 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 3.0%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms have issued reports on DVN. Wells Fargo & Company upped their price target on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. JPMorgan Chase & Co. started coverage on Devon Energy in a research note on Monday, June 8th. They set an “overweight” rating and a $62.00 price objective for the company. TD Cowen lifted their target price on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Piper Sandler boosted their target price on Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a research report on Thursday, March 12th. Finally, Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $58.44.

Devon Energy Company 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.