Allstate Corp Grows Position in Devon Energy Corporation $DVN

Key Points

• Allstate Corp increased its stake in Devon Energy Corporation by 49.6%, owning 26,092 shares valued at approximately $976,000 as of the latest SEC filing.
• Devon Energy reported a quarterly EPS of $0.84, exceeding analyst expectations, with a revenue of $4.28 billion, reflecting a 9.4% year-over-year increase.
• The company declared a quarterly dividend of $0.24 per share, yielding 2.7%, with an ex-dividend date set for September 15th.

Allstate Corp raised its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 49.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,092 shares of the energy company's stock after acquiring an additional 8,645 shares during the quarter. Allstate Corp's holdings in Devon Energy were worth $976,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of DVN. MML Investors Services LLC boosted its stake in shares of Devon Energy by 144.3% during the 4th quarter. MML Investors Services LLC now owns 43,122 shares of the energy company's stock worth $1,411,000 after acquiring an additional 25,473 shares during the last quarter. Nebula Research & Development LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at $444,000. Coldstream Capital Management Inc. lifted its stake in shares of Devon Energy by 21.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 23,094 shares of the energy company's stock valued at $756,000 after buying an additional 4,116 shares in the last quarter. Virtus ETF Advisers LLC lifted its stake in shares of Devon Energy by 22.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 4,336 shares of the energy company's stock valued at $142,000 after buying an additional 786 shares in the last quarter. Finally, Boothbay Fund Management LLC purchased a new position in shares of Devon Energy during the 4th quarter valued at $1,492,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling at Devon Energy

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

Devon Energy Price Performance

Shares of Devon Energy stock traded up $0.31 during trading hours on Thursday, reaching $35.87. The company's stock had a trading volume of 5,119,588 shares, compared to its average volume of 8,906,277. The firm has a 50 day moving average price of $33.31 and a 200-day moving average price of $33.18. Devon Energy Corporation has a one year low of $25.89 and a one year high of $45.34. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The stock has a market cap of $22.77 billion, a P/E ratio of 8.04, a P/E/G ratio of 2.03 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results 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. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm posted $1.41 EPS. The business's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced 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 is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy's payout ratio is 21.52%.

Analyst Ratings Changes

A number of research analysts recently weighed in on DVN shares. JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Wolfe Research lifted their target price on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Barclays lifted their target price 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. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Tudor, Pickering, Holt & Co. lifted their price target on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

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.