Bank of New York Mellon Corp Purchases 49,295 Shares of Devon Energy Corporation $DVN

Key Points

• Bank of New York Mellon increased its Devon Energy stake by 1.2% in the first quarter, buying 49,295 more shares and bringing its total holdings to 4,054,952 shares worth about $204 million.
• Several other institutional investors also boosted or initiated positions in Devon Energy, and institutional ownership now stands at 69.72% of the stock.
• Devon Energy’s latest quarterly results missed expectations, but the company raised its dividend to $0.32 per share quarterly, implying a 2.9% yield; analysts currently rate the stock a Moderate Buy with a consensus price target of $59.32.

Bank of New York Mellon Corp grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,054,952 shares of the energy company's stock after purchasing an additional 49,295 shares during the quarter. Bank of New York Mellon Corp owned about 0.65% of Devon Energy worth $204,045,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Woodline Partners LP increased its holdings in shares of Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock worth $4,330,000 after purchasing an additional 57,555 shares during the period. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the second quarter valued at about $403,000. Jump Financial LLC lifted its stake in shares of Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock valued at $899,000 after buying an additional 10,464 shares during the period. Daiwa Securities Group Inc. grew its position in Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock worth $4,736,000 after buying an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC grew its position in Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock worth $4,586,000 after buying an additional 8,127 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents 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 over the last three months. Company insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. Mizuho upped their price target on Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. UBS Group decreased their price objective on Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a report on Wednesday. BMO Capital Markets restated an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. Evercore upgraded 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. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.32.

Devon Energy Stock Performance

NYSE:DVN opened at $43.84 on Friday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $27.25 billion, a PE ratio of 12.21 and a beta of 0.38. The firm has a 50-day moving average price of $44.37 and a 200 day moving average price of $44.07.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the firm posted $0.82 earnings per share. The firm's revenue for the quarter was down 14.5% compared to the same quarter last year. Research analysts anticipate that Devon Energy Corporation will post 4.61 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's payout ratio is presently 35.65%.

About Devon Energy

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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