EP Wealth Advisors LLC Acquires 9,921 Shares of Devon Energy Corporation $DVN

Key Points

• EP Wealth Advisors LLC increased its stake in Devon Energy Corporation by 43.2% during the first quarter, owning a total of 32,881 shares valued at approximately $1.23 million.
• Recent analyst reports have seen price target changes for DVN, with BMO Capital Markets raising its target to $51.00 while Bernstein Bank lowered it to $43.00.
• Devon Energy announced a quarterly dividend of $0.24, with an annualized yield of 2.7%, payable on September 30th.

EP Wealth Advisors LLC boosted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 43.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 32,881 shares of the energy company's stock after acquiring an additional 9,921 shares during the quarter. EP Wealth Advisors LLC's holdings in Devon Energy were worth $1,230,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in DVN. Ameriprise Financial Inc. increased its stake in Devon Energy by 13.4% in the fourth quarter. Ameriprise Financial Inc. now owns 2,777,069 shares of the energy company's stock valued at $90,811,000 after acquiring an additional 327,471 shares during the last quarter. Benjamin Edwards Inc. increased its stake in Devon Energy by 25.1% in the fourth quarter. Benjamin Edwards Inc. now owns 19,696 shares of the energy company's stock valued at $645,000 after acquiring an additional 3,952 shares during the last quarter. BOKF NA increased its stake in Devon Energy by 3.0% in the fourth quarter. BOKF NA now owns 65,770 shares of the energy company's stock valued at $2,367,000 after acquiring an additional 1,929 shares during the last quarter. Crestline Management LP bought a new position in Devon Energy in the fourth quarter valued at $1,871,000. Finally, Deutsche Bank AG boosted its position in Devon Energy by 3.0% during the fourth quarter. Deutsche Bank AG now owns 3,492,902 shares of the energy company's stock valued at $114,323,000 after buying an additional 102,725 shares during the period. Institutional investors own 69.72% of the company's stock.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm'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 transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.73% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on DVN. Wall Street Zen upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. UBS Group upped their price target on shares of Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research report on Wednesday, August 20th. Scotiabank restated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Tudor, Pickering, Holt & Co. upped their price target on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, BMO Capital Markets upped their price target on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.15.

Devon Energy Stock Up 1.0%

DVN traded up $0.34 on Wednesday, hitting $34.65. The company had a trading volume of 1,271,032 shares, compared to its average volume of 8,763,204. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The stock has a fifty day simple moving average of $33.79 and a 200-day simple moving average of $33.16. The firm has a market capitalization of $22.00 billion, a P/E ratio of 7.78, a P/E/G ratio of 1.99 and a beta of 1.09.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

About Devon Energy

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.