TD Private Client Wealth Increases Devon Energy Stake by 31.6%

TD Private Client Wealth LLC has significantly increased its investment in Devon Energy Corporation by 31.6% during the second quarter of 2023. According to a 13F filing with the U.S. Securities and Exchange Commission, the firm now holds 6,448 shares of the energy company, reflecting an additional purchase of 1,549 shares over the quarter. The total value of TD Private Client Wealth’s holdings stands at approximately $205,000.

Several other institutional investors have also made adjustments to their positions in Devon Energy. For instance, Two Sigma Investments LP acquired a new stake in the fourth quarter, valued at about $256,000. Meanwhile, Universal Beteiligungs und Servicegesellschaft mbH invested approximately $7.8 million during the same period.

MassMutual Private Wealth & Trust FSB has raised its holdings in Devon Energy by 94.1% in the first quarter, now owning 8,689 shares valued at $325,000. Similarly, Versant Capital Management Inc. increased its stake by 128.9%, acquiring an additional 1,484 shares, bringing its total to 2,635 shares worth $99,000. Notably, GAMMA Investing LLC made headlines by boosting its holdings by an astonishing 6,068.1%, now owning 726,607 shares worth approximately $27.2 million. Collectively, institutional investors control 69.72% of Devon Energy’s stock.

In related news, Devon Energy’s Director, Kelt Kindick, sold 7,685 shares of the company’s stock on August 11, 2023, at an average price of $33.46. This transaction totaled approximately $257,140.10, resulting in a 19.46% decrease in his position. Following this sale, Kindick retains 31,801 shares valued at around $1.06 million. Current data shows that corporate insiders hold 0.73% of the company’s stock.

Analysts Adjust Ratings and Price Targets

Multiple analysts have recently provided insights on Devon Energy’s stock performance. Wolfe Research raised its target price from $47.00 to $49.00, maintaining an “outperform” rating. BMO Capital Markets increased its price target from $48.00 to $51.00, also giving the stock an “outperform” rating.

Conversely, Bernstein Bank adjusted its target down from $45.00 to $43.00 while retaining an “outperform” rating. Tudor, Pickering, Holt & Co. increased its target from $42.00 to $44.00, while Mizuho reduced its target from $43.00 to $40.00 but maintained an “outperform” rating. Overall, sixteen analysts recommend buying the stock, while ten analysts suggest holding. According to MarketBeat.com, Devon Energy currently enjoys an average rating of “Moderate Buy” and a consensus price target of $44.04.

Stock Performance and Financial Overview

On August 5, 2023, Devon Energy reported its quarterly earnings, revealing earnings per share (EPS) of $0.84, surpassing analyst expectations of $0.83 by a narrow margin. The company’s total revenue reached $4.28 billion, exceeding the consensus estimate of $4.01 billion. Devon Energy achieved a return on equity of 18.59% and a net margin of 16.57%, marking a 9.4% year-over-year increase in revenue compared to the same quarter in the previous year.

Looking ahead, analysts predict an EPS of $4.85 for the current year.

In terms of stock performance, shares of Devon Energy opened at $36.97 on Monday. The company boasts a quick ratio of 1.13, a current ratio of 1.22, and a debt-to-equity ratio of 0.55. Its market capitalization stands at $23.47 billion, with a price-to-earnings (P/E) ratio of 8.29 and a beta of 1.09. Over the past year, the stock has experienced a low of $25.89 and a high of $43.29.

Additionally, Devon Energy announced a quarterly dividend set to be paid on September 30, 2023. Shareholders of record on September 15, 2023 will receive a dividend of $0.24, translating to an annualized yield of 2.6%. The company’s payout ratio currently stands at 21.52%.

Founded in 1971 and headquartered in Oklahoma City, Oklahoma, Devon Energy Corporation focuses on the exploration, development, and production of oil, natural gas, and natural gas liquids across several regions, including the Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins.