ING Groep NV Buys Shares of 30,079 Devon Energy Corporation (NYSE:DVN)

Key Points

• ING Groep NV has acquired 30,079 shares of Devon Energy Corporation valued at approximately $1,125,000 during the first quarter.
• Wall Street analysts have adjusted their target prices for Devon Energy, with a consensus rating of "Moderate Buy" and a target price of $43.93.
• Devon Energy announced a quarterly dividend of $0.24 per share, set to be paid on September 30th, providing an annualized yield of 2.9%.

ING Groep NV purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 30,079 shares of the energy company's stock, valued at approximately $1,125,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Victory Capital Management Inc. grew its position in shares of Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after purchasing an additional 1,315,050 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its stake in Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after buying an additional 3,114,656 shares during the last quarter. Invesco Ltd. grew its holdings in Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after buying an additional 2,335,473 shares in the last quarter. Northern Trust Corp increased its stake in shares of Devon Energy by 2.4% in the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock worth $204,914,000 after acquiring an additional 144,789 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in shares of Devon Energy by 135.5% in the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock worth $175,810,000 after acquiring an additional 3,090,585 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 2.0%

Shares of NYSE DVN traded down $0.67 during midday trading on Monday, hitting $32.61. 1,559,526 shares of the company's stock were exchanged, compared to its average volume of 9,079,638. The firm's fifty day simple moving average is $33.07 and its 200-day simple moving average is $33.19. The company has a market cap of $20.70 billion, a PE ratio of 7.32, a P/E/G ratio of 1.89 and a beta of 1.07. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $46.04. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $1.41 earnings per share. Research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Analysts Set New Price Targets

DVN has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Barclays increased their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. The Goldman Sachs Group lifted their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Mizuho lowered their price objective on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Raymond James Financial reissued an "outperform" rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.93.

Devon Energy Company 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.