34,688 Shares in Devon Energy Corporation $DVN Purchased by Beacon Pointe Advisors LLC

Key Points

• Beacon Pointe Advisors acquired 34,688 Devon Energy shares during the second quarter, valued at approximately $1.44 million. Institutional investors collectively own 69.72% of the company.
• Analysts maintain a largely positive outlook, with Devon holding a consensus “Moderate Buy” rating and an average price target of $59.15, despite several recent target reductions.
• Devon reported quarterly EPS of $1.57, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.7% annualized yield.

Beacon Pointe Advisors LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 34,688 shares of the energy company's stock, valued at approximately $1,435,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Kimmeridge Energy Management Company LLC boosted its holdings in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. LSV Asset Management boosted its position in shares of Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock worth $29,289,000 after buying an additional 354,500 shares during the period. Morningstar Investment Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at approximately $2,089,000. Illinois Municipal Retirement Fund grew its holdings in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after purchasing an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after acquiring an additional 80,000 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. Morgan Stanley lowered their price target on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, June 26th. Raymond James Financial lowered their target price on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 16th. Wells Fargo & Company dropped their price target on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Finally, JPMorgan Chase & Co. cut their price objective on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $59.15.

Devon Energy Price Performance

Shares of DVN opened at $47.42 on Monday. The business's 50-day moving average is $44.19 and its 200-day moving average is $45.64. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm's quarterly revenue was up 73.1% compared to the same quarter last year. During the same period last year, the company posted $0.84 earnings per share. Equities research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.58% of the company's stock.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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