Fifth Third Bancorp Increases Stake in Devon Energy Corporation $DVN

Key Points

• Fifth Third Bancorp increased its stake in Devon Energy by 519% in the first quarter, adding 179,636 shares and bringing its total holding to 214,246 shares worth about $10.8 million.
• Several other institutional investors also adjusted positions in DVN, and hedge funds and institutions now own about 69.72% of the company’s stock.
• Devon Energy recently raised its quarterly dividend to $0.32 per share from $0.24, while analysts currently rate the stock a Moderate Buy with an average price target of $59.56.

Fifth Third Bancorp lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 519.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 214,246 shares of the energy company's stock after buying an additional 179,636 shares during the period. Fifth Third Bancorp's holdings in Devon Energy were worth $10,781,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. State Street Corp boosted its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after acquiring an additional 186,743 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock worth $509,779,000 after buying an additional 2,071,021 shares during the period. Kimmeridge Energy Management Company LLC boosted its holdings in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after acquiring an additional 3,195,862 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Devon Energy by 29.3% in the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock valued at $288,306,000 after purchasing an additional 1,862,720 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares of the company's stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, SVP Andrea Alexander sold 18,000 shares of the 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 transaction, the senior vice president 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Devon Energy in a report on Thursday, June 11th. BMO Capital Markets restated an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. Tudor Pickering upgraded Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. Finally, TD Cowen lifted their target price on Devon Energy from $46.00 to $50.00 and gave the company a "hold" rating in a research note on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $59.56.

Devon Energy Stock Performance

NYSE DVN opened at $43.43 on Wednesday. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The company has a market capitalization of $26.98 billion, a P/E ratio of 12.10 and a beta of 0.38. The business has a 50 day moving average price of $44.53 and a 200 day moving average price of $43.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period last year, the firm earned $0.82 EPS. The company's quarterly revenue was down 14.5% compared to the same quarter last year. Sell-side analysts expect that Devon Energy Corporation will post 4.72 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is 35.65%.

Devon Energy Company Profile

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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.