Devon Energy Corporation $DVN Shares Bought by BlackRock Inc.

Key Points

• BlackRock increased its Devon Energy stake by 57.6% in the second quarter, acquiring 34.9 million additional shares and bringing its holdings to 95.4 million shares, or approximately 15.35% of the company.
• Analysts maintain a broadly positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.15; recent targets range from $45.85 to $68.
• Devon Energy reported quarterly EPS of $1.57, exceeding estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.7% annualized yield.

BlackRock Inc. grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 57.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,378,854 shares of the energy company's stock after acquiring an additional 34,871,366 shares during the period. BlackRock Inc. owned about 15.35% of Devon Energy worth $3,941,054,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the 4th quarter valued at $25,000. JFS Wealth Advisors LLC boosted its holdings in shares of 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 acquiring an additional 245 shares during the period. KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy during the 2nd quarter worth $29,000. GoalVest Advisory LLC acquired a new stake in shares of Devon Energy during the second quarter worth about $30,000. Finally, SouthState Bank Corp grew its stake in shares of Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock valued at $39,000 after purchasing an additional 486 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on DVN. Citigroup boosted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Morgan Stanley decreased their price objective on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Mizuho increased their target price on Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Argus reiterated a "buy" rating and set a $45.85 price target on shares of Devon Energy in a report on Monday. Finally, Raymond James Financial dropped their target price on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a research note on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $59.15.

Insiders Place Their Bets

In other news, SVP Andrea Alexander sold 18,000 shares of the business'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 transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Stock Up 0.6%

Shares of Devon Energy stock opened at $47.84 on Wednesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The business has a 50-day moving average of $43.52 and a 200-day moving average of $45.30. The company has a market capitalization of $52.63 billion, a PE ratio of 11.36 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm 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 company posted $0.84 earnings per share. The firm's quarterly revenue was up 73.1% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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 2.7%. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

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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