Devon Energy Corporation $DVN Position Lifted by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company doubled its Devon Energy stake in the second quarter, adding 327,803 shares to own 654,560 shares valued at approximately $27.0 million.
• Analysts maintain a generally positive outlook, with Devon receiving a consensus “Moderate Buy” rating and an average price target of $59.30, above its reported $50.19 share price.
• Devon reported stronger-than-expected quarterly results, including $1.57 in earnings per share and $7.42 billion in revenue, while announcing a quarterly dividend of $0.32 per share.

The Manufacturers Life Insurance Company grew its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 100.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 654,560 shares of the energy company's stock after acquiring an additional 327,803 shares during the period. The Manufacturers Life Insurance Company owned about 0.06% of Devon Energy worth $27,046,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the fourth quarter worth about $25,000. JFS Wealth Advisors LLC increased its holdings in Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after buying an additional 245 shares during the last quarter. Parvin Asset Management LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $28,000. MV Capital Management Inc. acquired a new stake in Devon Energy during the fourth quarter valued at approximately $29,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy during the 2nd quarter worth approximately $29,000. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on DVN shares. Barclays decreased their target price on Devon Energy from $62.00 to $58.00 and set an "overweight" rating for the company in a research report on Monday, August 17th. Jefferies Financial Group raised 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 shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Argus reiterated a "buy" rating and set a $45.85 target price on shares of Devon Energy in a research note on Monday, August 17th. Finally, Morgan Stanley dropped their target price on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $59.30.

Devon Energy Stock Up 0.3%

NYSE:DVN opened at $50.19 on Friday. The firm has a market capitalization of $55.21 billion, a PE ratio of 11.92, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. The stock has a 50 day moving average of $45.61 and a 200-day moving average of $45.95. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week 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.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping 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 business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same period in the prior year, the firm earned $0.84 EPS. The business's quarterly revenue was up 73.1% on a year-over-year basis. Analysts predict that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Announces Dividend

The business also recently announced 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. 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%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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