Devon Energy Corporation $DVN Shares Bought by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH increased its stake in Devon Energy by 32.7% during the second quarter, now owning 799,181 shares worth approximately $25.4 million.
• Devon Energy's quarterly revenue rose by 9.4% year-over-year to $4.28 billion, with an EPS of $0.84 beating estimates.
• The company announced a quarterly dividend of $0.24 per share, representing a 3.0% yield with a payout ratio of 21.52%.

Allianz Asset Management GmbH lifted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 32.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 799,181 shares of the energy company's stock after acquiring an additional 196,972 shares during the period. Allianz Asset Management GmbH owned 0.12% of Devon Energy worth $25,422,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Banque Cantonale Vaudoise acquired a new stake in shares of Devon Energy in the 1st quarter worth approximately $26,000. Financial Gravity Asset Management Inc. acquired a new stake in Devon Energy during the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in Devon Energy during the second quarter valued at approximately $25,000. Trust Co. of Vermont lifted its stake in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company's stock valued at $30,000 after purchasing an additional 666 shares during the last quarter. Finally, SouthState Corp lifted its stake in Devon Energy by 350.5% during the first quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after purchasing an additional 771 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on DVN. The Goldman Sachs Group cut their target price on shares of Devon Energy from $41.00 to $40.00 and set a "buy" rating for the company in a research note on Wednesday, October 15th. Tudor, Pickering, Holt & Co. increased their target price on shares of Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Jefferies Financial Group increased their target price on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Finally, Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research note on Thursday, October 9th. Seventeen 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, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.14.

Devon Energy Stock Down 0.9%

Shares of NYSE:DVN opened at $31.73 on Monday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a market cap of $20.14 billion, a PE ratio of 7.12, a price-to-earnings-growth ratio of 1.87 and a beta of 1.03. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $41.06. The firm has a 50 day simple moving average of $34.52 and a 200 day simple moving average of $32.90.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.41 EPS. As a group, research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.0%. The ex-dividend date was Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.73% of the company's stock.

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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