Benjamin Edwards Inc. Has $1.12 Million Holdings in Devon Energy Corporation $DVN

Key Points

• Benjamin Edwards Inc. increased its Devon Energy stake by 346.3% in the second quarter, ending with 27,155 shares valued at approximately $1.12 million. Institutional investors and hedge funds collectively own 69.72% of DVN.
• Analysts maintain a generally positive outlook, with Devon Energy carrying a consensus “Moderate Buy” rating and an average price target of $59.23. The company also exceeded quarterly earnings expectations, reporting $1.57 in EPS and $7.42 billion in revenue.
• Devon Energy declared a quarterly dividend of $0.32 per share, equivalent to a $1.28 annualized payout and a 2.6% yield. Shares opened at $49.07, near the upper end of their 52-week range.

Benjamin Edwards Inc. increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 346.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,155 shares of the energy company's stock after purchasing an additional 21,071 shares during the period. Benjamin Edwards Inc.'s holdings in Devon Energy were worth $1,122,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Alyeska Investment Group L.P. lifted its position in shares of Devon Energy by 4.0% in the second quarter. Alyeska Investment Group L.P. now owns 2,644,503 shares of the energy company's stock worth $109,271,000 after buying an additional 101,715 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Devon Energy by 39.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 42,179 shares of the energy company's stock valued at $1,743,000 after acquiring an additional 11,935 shares during the last quarter. Van Den Berg Management I Inc. increased its holdings in shares of Devon Energy by 117.1% during the 2nd quarter. Van Den Berg Management I Inc. now owns 62,891 shares of the energy company's stock valued at $2,599,000 after acquiring an additional 33,918 shares during the last quarter. Wedbush Securities Inc. raised its stake in shares of Devon Energy by 5.0% in the 2nd quarter. Wedbush Securities Inc. now owns 17,500 shares of the energy company's stock valued at $723,000 after acquiring an additional 829 shares in the last quarter. Finally, Greenwood Capital Associates LLC raised its stake in shares of Devon Energy by 29.2% in the 2nd quarter. Greenwood Capital Associates LLC now owns 128,083 shares of the energy company's stock valued at $5,292,000 after acquiring an additional 28,966 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 4.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DVN shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Devon Energy in a research report on Wednesday, June 10th. Barclays dropped their price target on shares of Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. Weiss Ratings cut shares of Devon Energy from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Finally, The Goldman Sachs Group decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.23.

Devon Energy Stock Up 1.2%

DVN opened at $49.07 on Wednesday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. 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 stock has a market capitalization of $53.98 billion, a price-to-earnings ratio of 11.66, a P/E/G ratio of 1.33 and a beta of 0.37. The business has a 50 day moving average of $44.42 and a 200-day moving average of $45.70.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results 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 business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy's revenue was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

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

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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