Bessemer Group Inc. Increases Position in Devon Energy Co. (NYSE:DVN)

Bessemer Group Inc. lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 3.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 53,307 shares of the energy company’s stock after buying an additional 1,542 shares during the period. Bessemer Group Inc.’s holdings in Devon Energy were worth $2,676,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of DVN. Vanguard Group Inc. lifted its stake in shares of Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after buying an additional 1,652,671 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 26.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the period. Raymond James & Associates lifted its stake in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after buying an additional 736,449 shares during the period. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Devon Energy by 63.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock valued at $71,291,000 after buying an additional 551,004 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In related news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.73% of the company’s stock.

Devon Energy Stock Up 1.1 %

Shares of DVN traded up $0.52 during midday trading on Thursday, hitting $46.10. The company had a trading volume of 1,261,470 shares, compared to its average volume of 7,178,257. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. The company’s 50 day moving average price is $47.32 and its 200 day moving average price is $47.11. The stock has a market cap of $29.14 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 1.18 and a beta of 2.07. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.46 EPS. On average, equities research analysts predict that Devon Energy Co. will post 5.39 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is currently 16.79%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on DVN shares. Truist Financial cut their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, July 9th. Mizuho increased their price target on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Piper Sandler increased their price target on shares of Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 14th. StockNews.com downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Thursday, July 18th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.