Equitable Holdings Inc. Purchases Shares of 25,487 Devon Energy Corporation $DVN

Equitable Holdings Inc. purchased a new position in Devon Energy Corporation (NYSE:DVN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 25,487 shares of the energy company’s stock, valued at approximately $1,053,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy during the 4th quarter valued at $25,000. JFS Wealth Advisors LLC boosted its holdings in 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 buying an additional 245 shares during the period. Parvin Asset Management LLC bought a new position in Devon Energy in the 2nd quarter worth $28,000. MV Capital Management Inc. purchased a new stake in Devon Energy in the 4th quarter worth $29,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in Devon Energy during the second quarter valued at about $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on 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 owned 138,529 shares of the company’s stock, 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 through the SEC website. 4.58% of the stock is owned by corporate insiders.

Devon Energy Stock Up 0.6%

Shares of DVN stock opened at $47.42 on Friday. The company’s fifty day simple moving average is $44.19 and its two-hundred day simple moving average is $45.62. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The stock has a market cap of $52.16 billion, a P/E ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business posted $0.84 earnings per share. The business’s quarterly revenue was up 73.1% compared to the same quarter last year. Analysts predict that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s dividend payout ratio is presently 30.40%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on DVN shares. Wells Fargo & Company lowered their price objective on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. The Goldman Sachs Group cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Finally, Weiss Ratings downgraded Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

About Devon Energy

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.