Devon Energy Corporation (NYSE:DVN) Shares Bought by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Devon Energy Corporation by 8.1%, owning $176.04 million worth of shares as of the latest SEC filing.
• Analysts have set a consensus target price of $43.93 for Devon Energy, with ratings ranging from "hold" to "buy" from various research firms.
• Devon Energy declared a quarterly dividend of $0.24 per share, reflecting an annual yield of 2.9% based on a payout ratio of 21.52%.

Charles Schwab Investment Management Inc. raised its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 8.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,706,837 shares of the energy company's stock after purchasing an additional 354,633 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.73% of Devon Energy worth $176,036,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DVN. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy in the first quarter valued at approximately $26,000. Banque Cantonale Vaudoise purchased a new stake in Devon Energy in the 1st quarter valued at $26,000. Accredited Wealth Management LLC purchased a new position in shares of Devon Energy during the 4th quarter worth $28,000. Rakuten Securities Inc. grew its holdings in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares during the period. Finally, Hughes Financial Services LLC acquired a new stake in Devon Energy in the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN stock traded up $0.44 during midday trading on Tuesday, reaching $33.31. 5,760,951 shares of the company's stock traded hands, compared to its average volume of 8,086,373. The firm has a market capitalization of $21.15 billion, a PE ratio of 7.47, a price-to-earnings-growth ratio of 1.87 and a beta of 1.07. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04. The company has a 50-day moving average price of $33.13 and a two-hundred day moving average price of $33.17. 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 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter last year, the firm earned $1.41 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. Devon Energy's dividend payout ratio is 21.52%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. The Goldman Sachs Group upped their price objective on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Mizuho reduced their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Barclays upped their price objective on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $58.00 price objective (up previously from $53.00) on shares of Devon Energy in a research note on Thursday, July 17th. Eleven equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.96.

Insider Transactions at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated 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 directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is currently owned by insiders.

Devon Energy 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.