Devon Energy Corporation $DVN Stock Purchased by Rahlfs Capital LLC

Rahlfs Capital LLC boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 186.2% during the third quarter, HoldingsChannel.com reports. The fund owned 32,700 shares of the energy company’s stock after acquiring an additional 21,275 shares during the period. Rahlfs Capital LLC’s holdings in Devon Energy were worth $1,506,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Premier Financial Group bought a new position in shares of Devon Energy during the second quarter valued at approximately $25,000. JFS Wealth Advisors LLC lifted its holdings in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. Parvin Asset Management LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $28,000. KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy in the 2nd quarter worth approximately $29,000. Finally, GoalVest Advisory LLC acquired a new position in Devon Energy during the 2nd quarter valued at approximately $30,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Devon Energy

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president directly owned 72,720 shares of the company’s stock, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Clay Gaspar purchased 3,913 shares of the stock in a transaction dated Monday, September 14th. The shares were acquired at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the acquisition, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent research reports. Truist Financial lowered their price objective on Devon Energy from $65.00 to $61.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. Stifel Nicolaus initiated coverage on Devon Energy in a research note on Thursday, September 10th. They issued a “buy” rating and a $61.00 target price on the stock. Mizuho reduced their price target on shares of Devon Energy from $68.00 to $65.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Citigroup boosted their price target on shares of Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a report on Monday, August 31st. Finally, Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, October 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.72.

More Devon Energy News

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

• Positive Sentiment: Higher oil prices are the main catalyst. Brent and U.S. crude moved above $100 per barrel, improving expectations for Devon’s production revenue, cash flow and shareholder returns. Oil Stocks Rally as Oil Price Tops $103
• Positive Sentiment: Portfolio optimization is supporting the investment case. Devon’s planned $4.2 billion cash sale of its Eagle Ford assets is viewed as a move toward higher-return assets and could provide capital for debt reduction, buybacks or dividends. Investors are also watching for additional strategic actions following the Coterra merger. Devon Energy gains as oil strength and portfolio-optimization hopes support shares
• Positive Sentiment: Earnings expectations remain constructive. Analysts expect third-quarter EPS of approximately $1.22, with potential for another estimate beat based on Devon’s recent history. Double-digit year-over-year EPS growth and steady oil-weighted output could reinforce the company’s cash-flow story when results are released in early November. Q3 Earnings Preview Might Change the Case for Investing in Devon Energy
• Positive Sentiment: Several analysts continue to view DVN as undervalued relative to its cash-flow potential. Reported institutional filings also showed significant additions by large investors, while published price targets have a median of $62 versus the recent share price near $51. Devon Energy Is Still a Compelling Energy Buy
• Neutral Sentiment: Unusually high call-option activity and the new 52-week high indicate strong bullish trading interest, but they may also increase volatility ahead of earnings. Devon Energy Stock Sees Unusually High Call Option Buying
• Negative Sentiment: A Seeking Alpha analysis downgraded DVN, arguing that production or growth may face an “oil wall.” The stock’s roughly 62% five-year gain also raises valuation concerns if earnings and oil prices do not continue improving. Devon Energy Hitting an Oil Wall

Devon Energy Stock Performance

Shares of DVN traded up $2.16 during mid-day trading on Friday, reaching $51.34. 13,271,761 shares of the company’s stock traded hands, compared to its average volume of 8,705,307. The business’s 50-day moving average price is $48.58 and its 200-day moving average price is $46.34. The stock has a market capitalization of $56.48 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 1.30 and a beta of 0.49. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 12 month low of $31.65 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The firm’s revenue was up 73.1% compared to the same quarter last year. During the same period last year, the firm earned $0.84 EPS. Equities analysts predict that Devon Energy Corporation will post 5.39 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. Devon Energy’s dividend payout ratio is presently 30.40%.

Devon Energy Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.