Ascent Group LLC Acquires 12,822 Shares of Devon Energy Corporation $DVN

Key Points

• Ascent Group LLC has significantly increased its stake in Devon Energy, boosting its ownership by 184.2% during the first quarter, now holding a total of 19,784 shares valued at approximately $740,000.
• Several other institutional investors have also expanded their investments in Devon Energy, with the total institutional ownership reaching 69.72% of the company's stock.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, with an annualized yield of 2.7%, highlighting its favorable financial position following a quarter with earnings surpassing analysts' expectations.

Ascent Group LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 184.2% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,784 shares of the energy company's stock after acquiring an additional 12,822 shares during the period. Ascent Group LLC's holdings in Devon Energy were worth $740,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. increased its holdings in Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after buying an additional 1,315,050 shares during the period. Northern Trust Corp lifted its holdings in shares of Devon Energy by 5.1% during the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock worth $245,987,000 after acquiring an additional 316,460 shares during the period. Ameriprise Financial Inc. increased its stake in Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after acquiring an additional 2,252,918 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Devon Energy by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock valued at $176,036,000 after purchasing an additional 354,633 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Down 1.4%

Shares of Devon Energy stock traded down $0.48 on Friday, hitting $34.81. The stock had a trading volume of 7,121,834 shares, compared to its average volume of 6,287,351. The stock has a 50 day moving average of $33.91 and a 200 day moving average of $33.14. The firm has a market capitalization of $22.10 billion, a P/E ratio of 7.80, a PEG ratio of 2.03 and a beta of 1.09. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29. 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 announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.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 business earned $1.41 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors 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 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio is presently 21.52%.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. BMO Capital Markets raised their price objective on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Wolfe Research boosted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Morgan Stanley increased their target price on shares of Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a report on Monday, August 18th. Finally, Tudor, Pickering, Holt & Co. raised their price target on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $44.15.

Devon Energy Company 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.