14,677 Shares in Devon Energy Corporation $DVN Purchased by Lynx Investment Advisory

Key Points

• Lynx Investment Advisory acquired 14,677 shares of Devon Energy Corporation, valued at approximately $549,000, during the first quarter.
• Several institutional investors increased their stakes in Devon Energy, with 69.72% of the stock now owned by institutional investors and hedge funds.
• Devon Energy recently declared a quarterly dividend of $0.24, which equates to an annualized dividend of $0.96 and a dividend yield of 2.7%.

Lynx Investment Advisory acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 14,677 shares of the energy company's stock, valued at approximately $549,000.

Other institutional investors also recently added to or reduced their stakes in the company. Cantor Fitzgerald Investment Advisors L.P. raised its stake in shares of Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after acquiring an additional 26,519 shares during the last quarter. Merit Financial Group LLC increased its holdings in shares of Devon Energy by 209.5% in the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after purchasing an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC increased its holdings in shares of Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after purchasing an additional 20,000 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Devon Energy in the first quarter valued at approximately $2,524,000. Finally, Praxis Investment Management Inc. increased its holdings in shares of Devon Energy by 41.8% in the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock valued at $1,758,000 after purchasing an additional 13,860 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.71% of the stock is owned by company insiders.

Analyst Ratings Changes

DVN has been the subject of a number of research reports. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Raymond James Financial reaffirmed an "outperform" rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Tudor, Pickering, Holt & Co. lifted their target price on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Jefferies Financial Group lifted their target price on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Finally, BMO Capital Markets lifted their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $44.15.

Devon Energy Price Performance

Shares of DVN stock opened at $35.31 on Friday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $43.29. The firm has a market capitalization of $22.41 billion, a price-to-earnings ratio of 7.92, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a fifty day moving average of $33.88 and a 200-day moving average of $33.16.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the business earned $1.41 EPS. The firm's revenue was up 9.4% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's payout ratio is 21.52%.

About Devon Energy

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.

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