Devon Energy Corporation $DVN Shares Acquired by Deutsche Bank AG

Key Points

• Deutsche Bank increased its Devon Energy stake by 34.4% in the second quarter, purchasing 1.81 million additional shares and bringing its holdings to approximately 7.08 million shares worth $292.5 million.
• Devon Energy reported strong quarterly results, with EPS of $1.57 versus $1.40 expected and revenue of $7.42 billion, up 73.1% year over year. The company also declared a $0.32 quarterly dividend, yielding about 2.7% annually.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $59.15, above its reported opening price of $47.84.

Deutsche Bank AG boosted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 34.4% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 7,078,952 shares of the energy company's stock after purchasing an additional 1,811,066 shares during the quarter. Deutsche Bank AG owned about 1.14% of Devon Energy worth $292,502,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted its position in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after buying an additional 245 shares during the period. MV Capital Management Inc. acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $29,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy in the 2nd quarter worth approximately $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in Devon Energy in the 4th quarter worth approximately $29,000. 69.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is owned by corporate insiders.

Devon Energy Stock Performance

DVN opened at $47.84 on Wednesday. The company has a market capitalization of $52.63 billion, a price-to-earnings ratio of 11.36 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. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The business has a 50 day moving average price of $43.52 and a two-hundred day moving average price of $45.30.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the company posted $0.84 EPS. The firm's quarterly revenue was up 73.1% on a year-over-year basis. Research analysts predict that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid 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 2.7%. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Weiss Ratings raised Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Roth Capital reissued a "buy" rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, April 28th. Capital One Financial cut their price objective on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 2nd. JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Finally, Barclays reduced their price objective on shares of Devon Energy from $62.00 to $58.00 and set an "overweight" rating for the company in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $59.15.

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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