Representative Kevin Hern from Oklahoma's 1st congressional district has made a series of stock purchases in multiple corporations, according to a recent congressional trade report.
The report shows that Hern bought stocks in Devon Energy Corporation (NYSE:DVN), with transactions valued between $15,001 and $50,000, and $1,001 - $15,000 respectively. These purchases were made on March 28, 2024, through the Hern Family Revocable Trust's Brokerage Investment Account and the Hern Family Foundation.
In addition to Devon Energy, the congressman also invested in Emerson Electric Company (NYSE:NYSE:EMR), Exxon Mobil Corporation (NYSE:NYSE:XOM), Home Depot , Inc. (NYSE:NYSE:HD), Johnson & Johnson (NYSE:JNJ (NYSE:JNJ)), Linde plc (NYSE:NYSE:LIN), Lockheed Martin Corporation (NYSE:NYSE:LMT), NextEra Energy, Inc. (NYSE:NYSE:NEE), Pioneer Natural Resources Company (NYSE:NYSE:PXD), Rockwell Automation, Inc. (NYSE:NYSE:ROK), RTX Corporation (NYSE:RTX), UnitedHealth Group Incorporated (NYSE:NYSE:UNH), and Williams Companies, Inc. (NYSE:NYSE:WMB). Each of these purchases was valued at $1,001 - $15,000 and made through the Hern Family Revocable Trust's Brokerage Investment Account and the Hern Family Foundation.
These investments were made as part of a dividend reinvestment plan. This strategy involves using dividends from a company's shares to purchase more of the same shares, allowing the investor to compound their investment over time.
The transactions were made through the Hern Family Revocable Trust's Brokerage Investment Account and the Hern Family Foundation. Both of these investment vehicles are owned by Hern and are used to manage a diverse portfolio of stocks, bonds, ETFs, and mutual funds.
This series of transactions highlights the active role that Representative Hern plays in managing his investment portfolio. As a member of Congress, he is required to disclose all transactions to ensure transparency and compliance with the STOCK Act, which prohibits insider trading by members of Congress and their staff.
InvestingPro Insights
As Representative Kevin Hern diversifies his portfolio with stocks like Devon Energy Corporation (DVN), it's pertinent to look at the current financial landscape of the company. Devon Energy has been a notable player in the energy sector, and recent data from InvestingPro provides a snapshot of its current market standing.
With a market capitalization of $33.56 billion, Devon Energy presents a significant presence in the industry. The company's price-to-earnings (P/E) ratio stands at a competitive 9.1, with an adjusted P/E ratio for the last twelve months as of Q4 2023 being slightly lower at 9.03. This indicates a potentially attractive valuation for investors like Hern who are looking to capitalize on earnings potential relative to stock price.
InvestingPro Tips further enrich the context for potential investors. Despite six analysts revising their earnings downwards for the upcoming period, Devon Energy has maintained dividend payments for 32 consecutive years, which aligns with Hern's strategy of investing in dividend-reinvesting plans. Additionally, the company's stock has shown a strong return over the last three months, with a 26.09% price total return, demonstrating robust short-term performance.
For those interested in gaining deeper insights and additional tips on Devon Energy or other stocks in their portfolio, InvestingPro offers a comprehensive suite of tools and analytics. There are 11 additional InvestingPro Tips available for DVN, which can be accessed at: https://www.investing.com/pro/DVN. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and enhance your investment strategy with expert analysis.
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