Baird Financial Group Inc. Boosts Stake in Devon Energy Corporation $DVN

Key Points

• Baird Financial Group increased its Devon Energy stake by 444.4% in the second quarter, adding 292,213 shares to own 357,966 shares valued at approximately $14.8 million.
• Institutional investors own 69.72% of Devon Energy, while analysts maintain a “Moderate Buy” consensus with an average price target of $59.30.
• Devon reported quarterly EPS of $1.57, exceeding estimates, and revenue of $7.42 billion, up 73.1% year over year. The company also announced a quarterly dividend of $0.32 per share, representing a 2.6% yield.

Baird Financial Group Inc. increased its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 444.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 357,966 shares of the energy company's stock after acquiring an additional 292,213 shares during the quarter. Baird Financial Group Inc.'s holdings in Devon Energy were worth $14,791,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of DVN. Tobam lifted its stake in Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company's stock worth $60,000 after purchasing an additional 230 shares in the last quarter. Sigma Planning Corp increased its holdings in shares of Devon Energy by 3.5% in the second quarter. Sigma Planning Corp now owns 6,902 shares of the energy company's stock valued at $285,000 after purchasing an additional 233 shares during the last quarter. TD Private Client Wealth LLC lifted its position in Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after buying an additional 236 shares in the last quarter. Retirement Planning Group LLC lifted its position in Devon Energy by 4.5% during the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after buying an additional 243 shares in the last quarter. Finally, JFS Wealth Advisors LLC boosted its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after buying an additional 245 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DVN. Raymond James Financial dropped their target price on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a report on Thursday, July 16th. Seaport Research Partners began coverage on Devon Energy in a report on Thursday, September 3rd. They set a "buy" rating and a $65.00 price target on the stock. Weiss Ratings raised shares of Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Wednesday. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Finally, Jefferies Financial Group raised their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.30.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $50.19 on Friday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The business's fifty day simple moving average is $45.61 and its 200-day simple moving average is $45.95. The firm has a market cap of $55.21 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company's quarterly revenue was up 73.1% on a year-over-year basis. During the same period last year, the company earned $0.84 EPS. Equities analysts forecast that Devon Energy Corporation will post 5.24 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, 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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