Devon Energy Corporation $DVN Shares Acquired by Van Den Berg Management I Inc.

Key Points

• Van Den Berg Management I increased its Devon Energy stake by 117.1% in the second quarter, bringing its holdings to 62,891 shares worth approximately $2.6 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported quarterly EPS of $1.57, beating estimates by $0.17, while revenue rose 73.1% year over year to $7.42 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.15.
• The company declared a quarterly dividend of $0.32 per share, equivalent to $1.28 annually and a 2.7% yield; an insider separately sold 18,000 shares for approximately $841,320.

Van Den Berg Management I Inc. lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 117.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 62,891 shares of the energy company's stock after acquiring an additional 33,918 shares during the period. Van Den Berg Management I Inc.'s holdings in Devon Energy were worth $2,599,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Wedbush Securities Inc. raised its position in shares of Devon Energy by 5.0% in the 2nd quarter. Wedbush Securities Inc. now owns 17,500 shares of the energy company's stock valued at $723,000 after purchasing an additional 829 shares during the last quarter. Greenwood Capital Associates LLC boosted its stake in Devon Energy by 29.2% in the 2nd quarter. Greenwood Capital Associates LLC now owns 128,083 shares of the energy company's stock worth $5,292,000 after purchasing an additional 28,966 shares in the last quarter. Greenleaf Trust grew its position in Devon Energy by 47.5% during the 2nd quarter. Greenleaf Trust now owns 32,671 shares of the energy company's stock worth $1,350,000 after purchasing an additional 10,515 shares during the last quarter. Capital Advisors Inc. OK grew its position in Devon Energy by 15.2% during the 2nd quarter. Capital Advisors Inc. OK now owns 30,987 shares of the energy company's stock worth $1,280,000 after purchasing an additional 4,082 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Devon Energy by 119.0% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,255,554 shares of the energy company's stock worth $299,799,000 after purchasing an additional 3,942,368 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research analyst reports. Raymond James Financial decreased their price target on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a report on Thursday, July 16th. Citigroup boosted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Barclays cut their target price on Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. JPMorgan Chase & Co. reduced their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a research note on Wednesday, July 8th. Finally, UBS Group lowered their price target on Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a research report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $59.15.

Devon Energy Price Performance

NYSE:DVN opened at $47.42 on Friday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market cap of $52.16 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38. The firm's fifty day moving average is $44.19 and its two-hundred day moving average is $45.62.

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 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 during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business posted $0.84 EPS. The company's revenue was up 73.1% on a year-over-year basis. Research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current 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 issued 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 2.7%. Devon Energy's payout ratio is presently 30.40%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.