First Citizens Bank & Trust Co. Buys 28,632 Shares of Devon Energy Corporation $DVN

Key Points

• First Citizens Bank & Trust Co. acquired 28,632 Devon Energy shares worth approximately $1.32 million in the third quarter. Institutional investors and hedge funds collectively own 69.72% of DVN, with major increases from BlackRock, State Street and Wellington Management.
• Analyst sentiment remains favorable: Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $60.84, while UBS and JPMorgan recently raised their targets to $65.
• Devon reported quarterly EPS of $1.57, beating estimates of $1.40, alongside $7.42 billion in revenue—up 73.1% year over year. The company also maintains a quarterly dividend of $0.32 per share, equivalent to a 2.6% annual yield.

First Citizens Bank & Trust Co. bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 28,632 shares of the energy company's stock, valued at approximately $1,318,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. BlackRock Inc. lifted its holdings in shares of Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock valued at $3,941,054,000 after buying an additional 34,871,366 shares during the period. State Street Corp grew its holdings in Devon Energy by 89.8% during the second quarter. State Street Corp now owns 73,179,266 shares of the energy company's stock worth $3,023,767,000 after acquiring an additional 34,615,088 shares during the period. Wellington Management Group LLP grew its holdings in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares during the period. Dimensional Fund Advisors LP grew its holdings in Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock worth $483,475,000 after acquiring an additional 235,561 shares during the period. Finally, Bank of America Corp DE purchased a new position in Devon Energy during the second quarter valued at approximately $421,226,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In other Devon Energy news, CEO Clay Gaspar acquired 3,913 shares of the company's stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the business's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president owned 72,720 shares of the company's stock, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.58% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. UBS Group boosted their price target on Devon Energy from $63.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, October 7th. Weiss Ratings upgraded Devon Energy from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, October 8th. Barclays raised their price objective on shares of Devon Energy from $58.00 to $60.00 and gave the stock an "overweight" rating in a research note on Friday, October 9th. The Goldman Sachs Group cut their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, October 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.84.

Devon Energy Trading Down 1.3%

DVN stock opened at $49.27 on Friday. The company's 50-day simple moving average is $47.91 and its 200-day simple moving average is $46.29. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The firm has a market cap of $54.19 billion, a P/E ratio of 11.70, a PEG ratio of 1.32 and a beta of 0.49.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS 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 for the quarter, compared to analysts' expectations of $6.01 billion. During the same period last year, the firm earned $0.84 EPS. The company's quarterly revenue was up 73.1% on a year-over-year basis. As a group, equities analysts forecast that Devon Energy Corporation will post 5.39 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.32 per share. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. Devon Energy's dividend payout ratio is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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