Concurrent Investment Advisors LLC Has $2.58 Million Stake in Devon Energy Corporation $DVN

Key Points

• Concurrent Investment Advisors cut its Devon Energy stake by 46.6% in the second quarter, selling 54,389 shares and retaining 62,339 shares valued at approximately $2.58 million. Institutional investors and hedge funds collectively own 69.72% of DVN.
• Devon Energy reported quarterly EPS of $1.57, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company declared a quarterly dividend of $0.32 per share, representing a 2.6% annualized yield.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $59.23, above its reported opening price of $48.44.

Concurrent Investment Advisors LLC lowered its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 46.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 62,339 shares of the energy company's stock after selling 54,389 shares during the period. Concurrent Investment Advisors LLC's holdings in Devon Energy were worth $2,576,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the last quarter. State Street Corp increased its position in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its holdings in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its position in Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE DVN opened at $48.44 on Wednesday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The business's 50 day moving average price is $45.05 and its two-hundred day moving average price is $45.85. The company has a market cap of $53.29 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.31 and a beta of 0.37. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

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

Devon Energy Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have weighed in on DVN shares. Susquehanna raised their price target on Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a research note on Tuesday, July 21st. Jefferies Financial Group upped their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Wall Street Zen cut shares of Devon Energy from a "buy" rating to a "hold" rating in a research note on Saturday. Finally, UBS Group lowered their target price on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $59.23.

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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