Devon Energy Corporation $DVN Shares Sold by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. reduced its holdings in Devon Energy by 18.7% in the first quarter, now owning 113,648 shares valued at approximately $4.25 million.
• Despite some institutional selling, other firms increased their investments, with Merit Financial Group LLC expanding its holdings by 209.5% to 22,679 shares valued at $848,000.
• Devon Energy reported a quarterly earnings of $0.84 per share, exceeding analyst estimates, and announced a quarterly dividend of $0.24, reflecting a yield of 2.8%.

Advisors Asset Management Inc. reduced its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 18.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 113,648 shares of the energy company's stock after selling 26,060 shares during the quarter. Advisors Asset Management Inc.'s holdings in Devon Energy were worth $4,250,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after buying an additional 1,315,050 shares during the period. Northern Trust Corp grew its stake in shares of Devon Energy by 5.1% during the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after buying an additional 316,460 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Devon Energy by 81.1% during the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after buying an additional 2,252,918 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Devon Energy by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after buying an additional 354,633 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director directly 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.71% of the company's stock.

Devon Energy Stock Down 0.6%

NYSE:DVN traded down $0.21 during trading hours on Thursday, hitting $35.31. The stock had a trading volume of 6,241,639 shares, compared to its average volume of 6,211,215. The business has a 50 day simple moving average of $33.88 and a two-hundred day simple moving average of $33.16. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a market cap of $22.41 billion, a PE ratio of 7.92, a price-to-earnings-growth ratio of 2.04 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share 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 business's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.41 earnings per share. Analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DVN shares. JPMorgan Chase & Co. boosted their price target on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Siebert Williams Shank lifted their price objective on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Wall Street Zen raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. UBS Group raised their price target on shares of Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a report on Wednesday, August 20th. Finally, Jefferies Financial Group lifted their price target on shares of Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research report on Monday, July 14th. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $44.15.

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.