Fifth Third Wealth Advisors LLC Increases Stock Holdings in Devon Energy Corporation $DVN

Key Points

• Fifth Third Wealth Advisors increased its Devon Energy stake by 706.7% in the second quarter, adding 47,787 shares for a total of 54,549 shares valued at approximately $2.25 million. Institutional investors collectively own 69.72% of the company.
• Analysts maintain a generally positive view, with Devon receiving a consensus “Moderate Buy” rating and an average price target of $59.60, despite several firms recently lowering their targets.
• Devon reported quarterly earnings of $1.57 per share, surpassing estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.8% annualized yield.

Fifth Third Wealth Advisors LLC increased its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 706.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,549 shares of the energy company's stock after acquiring an additional 47,787 shares during the quarter. Fifth Third Wealth Advisors LLC's holdings in Devon Energy were worth $2,254,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the 4th quarter worth approximately $25,000. JFS Wealth Advisors LLC boosted its holdings in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares during the period. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the 4th quarter valued at $29,000. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Devon Energy during the 2nd quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy in the fourth quarter worth $29,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insiders Place Their Bets

In other news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction 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 represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. 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 report on Thursday, July 16th. Morgan Stanley cut their price target on shares of Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, June 26th. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Tudor Pickering upgraded shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, April 20th. Finally, Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $59.60.

Devon Energy Stock Performance

NYSE:DVN opened at $45.83 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The stock has a 50-day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14. The firm has a market capitalization of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38.

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

Devon Energy Announces Dividend

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

Devon Energy 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.

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