Fifth Third Bancorp Acquires 133,396 Shares of Devon Energy Corporation $DVN

Key Points

• Fifth Third Bancorp increased its Devon Energy stake by 62.3% in the second quarter, purchasing 133,396 additional shares for a total holding of 347,642 shares valued at approximately $14.4 million.
• Analysts maintain a generally positive outlook, with Devon Energy receiving a “Moderate Buy” consensus rating and an average price target of $59.60, above its reported $45.83 share price.
• Devon Energy exceeded quarterly expectations, reporting $1.57 in earnings per share and $7.42 billion in revenue, while declaring a $0.32 quarterly dividend representing a 2.8% annualized yield.

Fifth Third Bancorp increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 62.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 347,642 shares of the energy company's stock after purchasing an additional 133,396 shares during the period. Fifth Third Bancorp owned approximately 0.06% of Devon Energy worth $14,365,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy during the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC lifted its position in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after buying an additional 245 shares during the period. MV Capital Management Inc. bought a new position in shares of Devon Energy during the 4th quarter worth approximately $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy in the 2nd quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in Devon Energy in the 4th quarter valued at $29,000. Institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Zacks Research lowered Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday. Argus increased their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. UBS Group reduced their price target on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Finally, Raymond James Financial decreased their price objective on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research note on Thursday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $59.60.

Devon Energy Stock Up 3.2%

NYSE:DVN opened at $45.83 on Friday. The stock's fifty day moving average price is $43.40 and its two-hundred day moving average price is $45.14. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. 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 company has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business's quarterly revenue was up 73.1% compared to the same quarter last year. During the same period last year, the company earned $0.84 EPS. On average, analysts anticipate that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.58% of the stock is currently owned by corporate insiders.

About Devon Energy

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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