Envestnet Asset Management Inc. Raises Holdings in Devon Energy Corporation (NYSE:DVN)

Envestnet Asset Management Inc. lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 9.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 308,941 shares of the energy company's stock after acquiring an additional 25,631 shares during the period. Envestnet Asset Management Inc.'s holdings in Devon Energy were worth $11,554,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. acquired a new position in Devon Energy during the fourth quarter valued at approximately $5,967,000. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in Devon Energy by 10.8% during 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 purchasing an additional 26,519 shares during the period. Merit Financial Group LLC grew its holdings in Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after purchasing an additional 15,351 shares during the period. Aviva PLC grew its holdings in Devon Energy by 767.3% during the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after purchasing an additional 333,530 shares during the period. Finally, Autumn Glory Partners LLC grew its holdings in Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after purchasing an additional 20,000 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.06 during midday trading on Friday, hitting $32.84. 7,129,453 shares of the company's stock were exchanged, compared to its average volume of 8,919,390. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $47.51. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. The company has a market cap of $21.09 billion, a price-to-earnings ratio of 7.48, a PEG ratio of 2.45 and a beta of 1.02. The business's fifty day moving average price is $32.82 and its two-hundred day moving average price is $33.55.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same period last year, the company posted $1.16 EPS. The business's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $0.96 annualized dividend and a dividend yield of 2.92%. Devon Energy's dividend payout ratio (DPR) is presently 21.87%.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on DVN. Royal Bank Of Canada cut their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research note on Monday, April 14th. Wells Fargo & Company lifted their price target on shares of Devon Energy from $41.00 to $42.00 and gave the company an "overweight" rating in a research note on Thursday, July 3rd. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Barclays lifted their price target on shares of Devon Energy from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Finally, The Goldman Sachs Group lifted their price target on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Eleven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $43.67.

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.