Ameriprise Financial Inc. Has $188.13 Million Stake in Devon Energy Corporation $DVN

Key Points

• Ameriprise Financial Inc. increased its stake in Devon Energy Corporation by 81.1% during the 1st quarter, now holding approximately 5,029,987 shares valued at $188 million.
• Several institutional investors, including SouthState Corp and Rakuten Securities Inc., have recently expanded their positions in Devon Energy, indicating growing interest in the company.
• Analysts have raised Devon Energy's price targets, with BMO Capital Markets increasing it to $51.00 and UBS Group to $40.00, reflecting optimism about the stock.

Ameriprise Financial Inc. grew its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 81.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,029,987 shares of the energy company's stock after purchasing an additional 2,252,918 shares during the period. Ameriprise Financial Inc. owned about 0.78% of Devon Energy worth $188,131,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of DVN. Banque Cantonale Vaudoise bought a new position in shares of Devon Energy during the 1st quarter worth about $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy during the 1st quarter worth about $26,000. Rakuten Securities Inc. lifted its holdings in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares during the period. Accredited Wealth Management LLC bought a new position in shares of Devon Energy during the 4th quarter worth about $28,000. Finally, SouthState Corp lifted its holdings in shares of Devon Energy by 350.5% during the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock worth $37,000 after acquiring an additional 771 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Devon Energy

In other Devon Energy 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 completion of the transaction, the director directly 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group raised their price objective on shares of Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a report on Wednesday. BMO Capital Markets raised their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a report on Monday, July 14th. Wolfe Research raised their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Wells Fargo & Company raised their price objective on shares of Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. Finally, Bernstein Bank cut their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a report on Monday, July 7th. Fifteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $44.15.

Devon Energy Trading Up 3.6%

Shares of DVN stock opened at $35.1250 on Friday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. The company has a market capitalization of $22.30 billion, a P/E ratio of 7.88, a P/E/G ratio of 2.00 and a beta of 1.07. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The firm has a 50-day moving average price of $33.25 and a 200 day moving average price of $33.13.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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 company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. The company's revenue was up 9.4% on a year-over-year basis. 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date of this dividend 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 currently 21.52%.

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.

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