Greenwood Capital Associates LLC Buys 28,966 Shares of Devon Energy Corporation $DVN

Key Points

• Greenwood Capital Associates increased its Devon Energy stake by 29.2%, buying 28,966 shares to hold 128,083 shares worth approximately $5.29 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $59.15, despite mixed target revisions and a recent Zacks downgrade to “Hold.”
• Devon Energy exceeded quarterly expectations with $1.57 in adjusted EPS and $7.42 billion in revenue, while declaring a quarterly dividend of $0.32 per share, implying a 2.7% yield.

Greenwood Capital Associates LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 29.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,083 shares of the energy company's stock after purchasing an additional 28,966 shares during the quarter. Greenwood Capital Associates LLC's holdings in Devon Energy were worth $5,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenleaf Trust lifted its position in shares of Devon Energy by 47.5% during the second quarter. Greenleaf Trust now owns 32,671 shares of the energy company's stock valued at $1,350,000 after buying an additional 10,515 shares during the last quarter. Capital Advisors Inc. OK grew its position in shares of Devon Energy by 15.2% in the 2nd quarter. Capital Advisors Inc. OK now owns 30,987 shares of the energy company's stock worth $1,280,000 after buying an additional 4,082 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Devon Energy by 119.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 7,255,554 shares of the energy company's stock worth $299,799,000 after buying an additional 3,942,368 shares during the last quarter. New Mexico Educational Retirement Board raised its stake in shares of Devon Energy by 99.8% during the 2nd quarter. New Mexico Educational Retirement Board now owns 58,119 shares of the energy company's stock worth $2,401,000 after acquiring an additional 29,034 shares in the last quarter. Finally, Royal London Asset Management Ltd. raised its stake in shares of Devon Energy by 520.1% during the 2nd quarter. Royal London Asset Management Ltd. now owns 1,684,956 shares of the energy company's stock worth $69,622,000 after acquiring an additional 1,413,234 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DVN. Citigroup lifted their price target on shares of Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. lowered their price target on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. The Goldman Sachs Group cut their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Capital One Financial decreased their price objective on shares of Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a research report on Tuesday, June 2nd. Finally, Zacks Research cut shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $59.15.

Devon Energy Stock Up 0.6%

NYSE:DVN opened at $47.42 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company's fifty day moving average price is $44.19 and its 200-day moving average price is $45.62. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The firm has a market capitalization of $52.16 billion, a P/E ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm's revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period last year, the firm earned $0.84 EPS. As a group, equities research analysts anticipate that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction that occurred on 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 transaction, the senior vice president directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 4.58% of the company's stock.

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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