Alliancebernstein L.P. Grows Holdings in Devon Energy Corporation $DVN

Key Points

• Alliancebernstein L.P. has increased its stake in Devon Energy Corporation by 29.0%, now owning approximately 1,199,000 shares valued at around $44.8 million.
• Several institutional investors have also increased their holdings in Devon Energy, contributing to a collective 69.72% institutional ownership of the company.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, effective September 30th, with a dividend yield of 2.8% and a payout ratio of 21.52%.

Alliancebernstein L.P. grew its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 29.0% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,198,996 shares of the energy company's stock after buying an additional 269,774 shares during the period. Alliancebernstein L.P. owned 0.19% of Devon Energy worth $44,842,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. SVB Wealth LLC lifted its position in shares of Devon Energy by 4.1% during the 1st quarter. SVB Wealth LLC now owns 8,131 shares of the energy company's stock valued at $304,000 after buying an additional 321 shares in the last quarter. Whittier Trust Co. lifted its position in shares of Devon Energy by 24.3% during the 1st quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after buying an additional 377 shares in the last quarter. Callan Family Office LLC lifted its position in shares of Devon Energy by 3.7% during the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after buying an additional 377 shares in the last quarter. Hager Investment Management Services LLC lifted its position in shares of Devon Energy by 9.9% during the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock valued at $158,000 after buying an additional 380 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of Devon Energy by 0.4% during the 1st quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock valued at $3,449,000 after buying an additional 386 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN traded down $0.32 during mid-day trading on Thursday, hitting $35.21. 3,355,819 shares of the stock were exchanged, compared to its average volume of 8,771,145. The company has a market cap of $22.35 billion, a PE ratio of 7.90, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The firm has a 50-day moving average of $33.83 and a two-hundred day moving average of $33.17. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

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

Devon Energy Announces Dividend

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

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.71% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DVN shares. The Goldman Sachs Group boosted their price target on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Barclays boosted their price target on Devon Energy from $40.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Jefferies Financial Group boosted their price target on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Wolfe Research boosted their price target on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Finally, Raymond James Financial reissued an "outperform" rating and issued a $45.00 price target (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy 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.