Devon Energy Corporation $DVN Shares Purchased by Envestnet Asset Management Inc.

Key Points

• Institutional ownership increased significantly: Envestnet Asset Management raised its Devon Energy stake by 305.9% to 3.09 million shares, while State Street and other institutions also expanded their positions. Institutions and hedge funds now own 69.72% of the company.
• Analysts remain broadly bullish: Devon Energy has a “Moderate Buy” consensus rating and an average price target of $59.76, with recent targets ranging from $53 to $67.
• Strong financial performance and dividend: The company reported quarterly EPS of $1.57 versus the $1.40 estimate, while revenue rose 73.1% year over year to $7.42 billion. Devon also declared a quarterly dividend of $0.32 per share, representing a 2.7% annualized yield.

Envestnet Asset Management Inc. lifted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 305.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,086,541 shares of the energy company's stock after buying an additional 2,326,146 shares during the quarter. Envestnet Asset Management Inc. owned about 0.28% of Devon Energy worth $127,535,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its holdings in Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock valued at $3,023,767,000 after purchasing an additional 34,615,088 shares during the period. Premier Financial Group bought a new stake in Devon Energy in the second quarter valued at about $25,000. Core Capital Management & Research inc. bought a new position in shares of Devon Energy during the second quarter valued at $5,527,000. The Manufacturers Life Insurance Company increased its position in shares of Devon Energy by 100.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 654,560 shares of the energy company's stock worth $27,046,000 after purchasing an additional 327,803 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in Devon Energy by 31.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 89,209 shares of the energy company's stock valued at $3,686,000 after purchasing an additional 21,285 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In other Devon Energy news, CEO Clay Gaspar bought 3,913 shares of Devon Energy stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer owned 619,152 shares in the company, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the company's stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares of the company's stock, valued at approximately $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 4.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. UBS Group lifted their price objective on Devon Energy from $55.00 to $63.00 and gave the company a "buy" rating in a research report on Monday, September 14th. The Goldman Sachs Group lowered their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an "outperform" rating in a research note on Monday, June 22nd. Weiss Ratings upgraded Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, September 9th. Finally, Citigroup lifted their price objective on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, August 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $59.76.

Devon Energy Price Performance

NYSE:DVN opened at $47.10 on Friday. 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 stock's 50-day simple moving average is $46.77 and its 200 day simple moving average is $46.28. The company has a market cap of $51.81 billion, a P/E ratio of 11.19, a P/E/G ratio of 1.33 and a beta of 0.37. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the company earned $0.84 earnings per share. The firm's revenue for the quarter was up 73.1% on a year-over-year basis. As a group, sell-side analysts forecast that Devon Energy Corporation will post 5.27 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio is 30.40%.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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