Annex Advisory Services LLC Makes New Investment in Devon Energy Corporation $DVN

Key Points

• Annex Advisory Services initiated a Devon Energy position worth approximately $911,000, while institutional investors collectively own 69.72% of the company.
• Analysts remain broadly bullish, with a consensus “Moderate Buy” rating and an average price target of $60.72, above the stock’s reported $50.67 price.
• Devon reported stronger-than-expected quarterly results, including $1.57 in EPS and $7.42 billion in revenue, and maintains a quarterly dividend of $0.32 per share.

Annex Advisory Services LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 19,796 shares of the energy company's stock, valued at approximately $911,000.

Other institutional investors and hedge funds have also modified their holdings of the company. 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 valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the last quarter. State Street Corp raised its holdings in shares of 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 purchasing an additional 34,615,088 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after purchasing an additional 235,561 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Devon Energy in the 2nd quarter valued at $421,226,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Robert Ferrall Lowe III sold 6,756 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This represents a 8.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Clay Gaspar bought 3,913 shares of the firm's stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average price of $51.08 per share, with a total value of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 4.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock an "overweight" rating in a research report on Friday, October 2nd. Barclays boosted their price target on Devon Energy from $58.00 to $60.00 and gave the stock an "overweight" rating in a research report on Friday, October 9th. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an "outperform" rating in a research note on Monday, June 22nd. BMO Capital Markets reiterated an "outperform" rating and set a $67.00 price target on shares of Devon Energy in a research note on Tuesday, October 6th. Finally, UBS Group increased their price objective on Devon Energy from $63.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, October 7th. Two research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $60.72.

Devon Energy Stock Performance

NYSE:DVN opened at $50.67 on Friday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm's fifty day simple moving average is $48.06 and its 200 day simple moving average is $46.32. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm has a market capitalization of $55.74 billion, a PE ratio of 12.04, a PEG ratio of 1.34 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The firm 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 business's quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 EPS. On average, sell-side analysts anticipate that Devon Energy Corporation will post 5.39 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors 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 payout ratio is currently 30.40%.

Devon Energy Company 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 operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, including 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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