Bank of America Corp DE Purchases 223,665 Shares of Devon Energy Corporation $DVN

Key Points

• Bank of America increased its Devon Energy stake by 3.7% in the first quarter, acquiring 223,665 additional shares and bringing its holdings to 6.21 million shares valued at approximately $312.7 million.
• Devon Energy reported quarterly EPS of $1.04, slightly below the $1.06 consensus estimate, while revenue fell 14.5% year over year to $3.81 billion. The company increased its quarterly dividend to $0.32 per share, producing a 2.8% yield.
• Analysts maintain a Moderate Buy consensus rating with an average price target of $59.56, although recent insider selling totaled 112,371 shares worth about $5.26 million.

Bank of America Corp DE boosted its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 3.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,214,358 shares of the energy company's stock after acquiring an additional 223,665 shares during the period. Bank of America Corp DE owned 1.00% of Devon Energy worth $312,706,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. Woodline Partners LP boosted its holdings in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy during the second quarter worth about $403,000. Jump Financial LLC increased its holdings in shares of Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in shares of Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock valued at $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.1%

Devon Energy stock opened at $45.08 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The stock's 50 day simple moving average is $43.64 and its two-hundred day simple moving average is $44.69. The firm has a market cap of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. The business's revenue for the quarter was down 14.5% on a year-over-year basis. Analysts anticipate that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.32 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's payout ratio is 35.65%.

Wall Street Analyst Weigh In

A number of analysts recently commented on DVN shares. Evercore upgraded shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 target price for the company in a research note on Wednesday, June 10th. Capital One Financial decreased their price target on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, June 2nd. Zacks Research cut shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Wells Fargo & Company boosted their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Finally, JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. Two research 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's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.56.

Insider Activity

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last ninety days. Company insiders own 4.58% of the company's stock.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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