Devon Energy Corporation $DVN Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc increased its stake in Devon Energy by 2.9% during Q2, acquiring an additional 10,001 shares, bringing its total to 351,680 shares valued at approximately $11.2 million.
• Several institutional investors, including Cantor Fitzgerald and Autumn Glory Partners, have also raised their stakes in Devon Energy, indicating strong interest from the investment community.
• Evercore ISI raised its target price for Devon Energy from $34 to $37, while other analysts have provided varying ratings, resulting in an average target price of $43.68 for the stock.

Aberdeen Group plc raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 2.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 351,680 shares of the energy company's stock after buying an additional 10,001 shares during the period. Aberdeen Group plc owned about 0.05% of Devon Energy worth $11,187,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Cantor Fitzgerald Investment Advisors L.P. raised its stake in Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after buying an additional 26,519 shares in the last quarter. Autumn Glory Partners LLC increased its position in shares of Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after purchasing an additional 20,000 shares in the last quarter. Intact Investment Management Inc. acquired a new stake in shares of Devon Energy during the first quarter worth about $2,524,000. Praxis Investment Management Inc. increased its position in shares of Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after purchasing an additional 13,860 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Devon Energy by 38.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 847,759 shares of the energy company's stock worth $31,850,000 after purchasing an additional 236,624 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.71% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of research analyst reports. Evercore ISI lifted their target price on Devon Energy from $34.00 to $37.00 and gave the stock an "in-line" rating in a research report on Monday, October 6th. Piper Sandler cut their target price on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. UBS Group lifted their target price on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Royal Bank Of Canada set a $42.00 price target on Devon Energy and gave the stock a "sector perform" rating in a report on Friday, October 10th. Finally, Jefferies Financial Group raised their price target on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $43.68.

Devon Energy Price Performance

Shares of DVN opened at $32.57 on Thursday. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $41.61. The stock's 50 day moving average is $34.56 and its two-hundred day moving average is $33.02. The firm has a market capitalization of $20.68 billion, a PE ratio of 7.30, a P/E/G ratio of 1.91 and a beta of 1.03. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the company earned $1.41 EPS. The firm's revenue for the quarter was up 9.4% compared to the same quarter last year. Research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy's payout ratio is currently 21.52%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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