DAVENPORT & Co LLC Acquires 349,961 Shares of Devon Energy Corporation $DVN

Key Points

• DAVENPORT & Co LLC increased its Devon Energy stake by 1,252.1% in the second quarter, purchasing 349,961 additional shares and ending with 377,912 shares worth approximately $15.6 million. Institutional investors collectively own 69.72% of DVN.
• Analysts remain broadly positive, with a consensus “Moderate Buy” rating and a $59.60 price target; recent targets range from $62 to $65, although Morgan Stanley lowered its target to $63.
• Devon Energy reported quarterly EPS of $1.57 versus the $1.40 consensus and revenue of $7.42 billion, up 73.1% year over year. The company also declared a quarterly dividend of $0.32, equivalent to a 2.9% annualized yield.

DAVENPORT & Co LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 1,252.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 377,912 shares of the energy company's stock after buying an additional 349,961 shares during the quarter. DAVENPORT & Co LLC owned about 0.06% of Devon Energy worth $15,615,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of DVN. Ardsley Advisory Partners LP bought a new position in Devon Energy in the second quarter valued at approximately $8,260,000. Independence Bank of Kentucky raised its position in shares of Devon Energy by 23.1% during the 2nd quarter. Independence Bank of Kentucky now owns 3,735 shares of the energy company's stock valued at $154,000 after acquiring an additional 701 shares during the last quarter. Wedge Capital Management L L P NC raised its position in shares of Devon Energy by 0.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 277,784 shares of the energy company's stock valued at $11,478,000 after acquiring an additional 1,433 shares during the last quarter. Insight Wealth Strategies LLC lifted its stake in shares of Devon Energy by 7.3% in the 2nd quarter. Insight Wealth Strategies LLC now owns 146,318 shares of the energy company's stock valued at $5,889,000 after purchasing an additional 9,923 shares during the period. Finally, JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares during the period. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages recently commented on DVN. Susquehanna lifted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a research note on Tuesday, July 21st. Morgan Stanley cut their target price on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research note on Friday, June 26th. Barclays raised their target price on Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a report on Tuesday, May 26th. Weiss Ratings upgraded Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday. Finally, Citigroup upped their price target on Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

Insiders Place Their Bets

In other news, SVP Andrea Alexander sold 18,000 shares of the company'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 transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.58% of the company's stock.

Devon Energy Trading Down 1.2%

NYSE DVN opened at $44.87 on Thursday. The firm has a market cap of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock's 50-day moving average is $43.40 and its 200-day moving average is $45.09. Devon Energy Corporation has a one year low of $31.47 and a one year 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 for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same quarter in the previous year, the business posted $0.84 EPS. Devon Energy's revenue for the quarter was up 73.1% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Corporation will post 4.91 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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 paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy's payout ratio is presently 30.40%.

Devon Energy 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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