21,791 Shares in Devon Energy Corporation $DVN Bought by Gallacher Capital Management LLC

Gallacher Capital Management LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 21,791 shares of the energy company’s stock, valued at approximately $1,097,000.

Other large investors also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in shares of Devon Energy during the 4th quarter worth $25,000. SouthState Bank Corp grew its stake in Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock valued at $39,000 after acquiring an additional 486 shares during the last quarter. MV Capital Management Inc. purchased a new position in Devon Energy during the 4th quarter valued at about $29,000. Garton & Associates Financial Advisors LLC purchased a new position in Devon Energy during the 4th quarter valued at about $29,000. Finally, Steigerwald Gordon & Koch Inc. increased its holdings in Devon Energy by 6,666.7% during the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock valued at $41,000 after acquiring an additional 800 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on DVN shares. Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a report on Tuesday, June 2nd. Morgan Stanley dropped their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. Mizuho lifted their price objective on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Citigroup increased their target price on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $59.32.

Devon Energy Stock Up 0.2%

Shares of NYSE DVN opened at $43.03 on Friday. The firm has a market cap of $26.74 billion, a P/E ratio of 11.99 and a beta of 0.38. 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 Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm’s 50 day moving average price is $44.41 and its 200 day moving average price is $44.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the firm posted $0.82 earnings per share. The company’s revenue was down 14.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.69 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 3.0%. Devon Energy’s payout ratio is currently 35.65%.

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.