30,000 Shares in Devon Energy Corporation (NYSE:DVN) Bought by American Assets Inc.

Key Points

• American Assets Inc. acquired 30,000 shares of Devon Energy Corporation for approximately $1,122,000, making it the 7th largest holding in their portfolio.
• Multiple institutional investors have increased their stakes in Devon Energy, with significant boosts reported by Aviva PLC (767.3%) and Russell Investments Group Ltd. (25.1%) in the last quarter.
• Analysts are optimistic about Devon Energy's growth, with a consensus rating of "Moderate Buy" and an average price target of $43.85.

American Assets Inc. acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 30,000 shares of the energy company's stock, valued at approximately $1,122,000. Devon Energy accounts for 0.4% of American Assets Inc.'s portfolio, making the stock its 7th biggest position.

A number of other large investors have also recently bought and sold shares of DVN. Atria Wealth Solutions Inc. grew its holdings in Devon Energy by 32.6% in the 1st quarter. Atria Wealth Solutions Inc. now owns 79,491 shares of the energy company's stock worth $2,973,000 after buying an additional 19,528 shares in the last quarter. Cary Street Partners Financial LLC increased its stake in Devon Energy by 267.2% during the 1st quarter. Cary Street Partners Financial LLC now owns 186,067 shares of the energy company's stock valued at $6,959,000 after buying an additional 135,393 shares during the period. Thoroughbred Financial Services LLC bought a new stake in shares of Devon Energy during the 1st quarter worth about $295,000. Plan Group Financial LLC acquired a new stake in Devon Energy in the first quarter worth approximately $210,000. Finally, Clearstead Trust LLC lifted its position in Devon Energy by 25.6% in the first quarter. Clearstead Trust LLC now owns 3,748 shares of the energy company's stock worth $140,000 after purchasing an additional 765 shares during the period. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of several research reports. Jefferies Financial Group boosted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research report on Monday, July 14th. Bank of America cut their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. The Goldman Sachs Group increased their price target on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 15th. Finally, BMO Capital Markets boosted their price objective on Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.93.

Devon Energy Stock Down 0.4%

NYSE DVN traded down $0.12 during trading on Thursday, reaching $32.34. The company's stock had a trading volume of 10,931,145 shares, compared to its average volume of 7,670,810. The company has a current ratio of 1.22, a quick ratio of 0.99 and a debt-to-equity ratio of 0.55. The stock has a market capitalization of $20.76 billion, a PE ratio of 7.25, a PEG ratio of 1.84 and a beta of 1.07. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.04. The business has a 50-day moving average price of $33.01 and a 200-day moving average price of $33.26.

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 analysts' consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion during 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%. Devon Energy's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.41 earnings per share. On average, research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

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.