50,752 Devon Energy Corporation $DVN Shares Acquired by D.A. Davidson & CO.

Key Points

• D.A. Davidson increased its Devon Energy stake by 26.3%, purchasing 50,752 shares to bring its holdings to 243,660 shares valued at approximately $11.2 million.
• Other major institutional investors, including Wellington Management, BlackRock and State Street, also significantly increased their positions; institutions collectively own 69.72% of Devon Energy.
• Analysts maintain a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $60.72. Devon also reported better-than-expected quarterly earnings and pays a $0.32-per-share quarterly dividend.

D.A. Davidson & CO. raised its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 26.3% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 243,660 shares of the energy company's stock after purchasing an additional 50,752 shares during the quarter. D.A. Davidson & CO.'s holdings in Devon Energy were worth $11,218,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP increased its stake in Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares during the last quarter. BlackRock Inc. lifted its stake in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp boosted its position in Devon Energy by 89.8% during the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after acquiring an additional 34,615,088 shares in the last quarter. Bank of America Corp DE purchased a new stake in Devon Energy in the second quarter worth $421,226,000. Finally, GQG Partners LLC bought a new position in Devon Energy in the second quarter worth $402,558,000. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DVN shares. Raymond James Financial upped their price target on Devon Energy from $64.00 to $67.00 and gave the stock a "strong-buy" rating in a research note on Monday, September 14th. Scotiabank initiated coverage on Devon Energy in a research note on Wednesday, October 14th. They set a "sector outperform" rating and a $61.00 price objective for the company. BMO Capital Markets reissued an "outperform" rating and issued a $67.00 target price on shares of Devon Energy in a report on Tuesday, October 6th. Morgan Stanley boosted their target price on Devon Energy from $63.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, October 15th. Finally, JPMorgan Chase & Co. increased their target price on Devon Energy from $60.00 to $65.00 and gave the stock an "overweight" rating in a research note on Friday, October 2nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $60.72.

Devon Energy Stock Up 2.0%

NYSE:DVN opened at $52.21 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 1-year low of $31.91 and a 1-year high of $52.71. The company has a 50-day moving average of $48.90 and a 200 day moving average of $45.83. The firm has a market cap of $57.43 billion, a PE ratio of 12.40, a price-to-earnings-growth ratio of 1.33 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company's revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 EPS. As a group, research analysts anticipate that Devon Energy Corporation will post 5.49 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy's dividend payout ratio is presently 30.40%.

Insider Transactions at Devon Energy

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm's stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. This trade represents a 8.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Clay Gaspar acquired 3,913 shares of the business's stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.58% of the stock is currently owned by company insiders.

Devon Energy Profile

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon's portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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