HB Wealth Management LLC Boosts Stock Holdings in Devon Energy Corporation $DVN

Key Points

• HB Wealth Management increased its Devon Energy stake by 70.1% in the second quarter, bringing its holdings to 50,855 shares valued at approximately $2.1 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.23, despite several firms recently lowering their targets.
• Devon Energy reported strong quarterly results, posting adjusted earnings of $1.57 per share and revenue of $7.42 billion, while revenue rose 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, implying a 2.6% annual yield.

HB Wealth Management LLC raised its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 70.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 50,855 shares of the energy company's stock after purchasing an additional 20,958 shares during the quarter. HB Wealth Management LLC's holdings in Devon Energy were worth $2,101,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in DVN. BlackRock Inc. raised its position 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 worth $3,941,054,000 after buying an additional 34,871,366 shares during the period. Wellington Management Group LLP boosted its holdings in Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the last quarter. State Street Corp grew its position in Devon Energy by 0.6% during the fourth 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 period. Geode Capital Management LLC grew its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock valued at $700,238,000 after acquiring an additional 186,743 shares during the period. Finally, Victory Capital Management Inc. increased its stake in 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 acquiring an additional 2,071,021 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on DVN shares. Wells Fargo & Company cut their price objective on Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday, August 13th. Argus reiterated a "buy" rating and set a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Zacks Research downgraded shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. The Goldman Sachs Group dropped their target price on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $59.23.

Devon Energy Trading Up 0.8%

NYSE:DVN opened at $48.44 on Wednesday. The business's 50-day moving average is $45.05 and its two-hundred day moving average is $45.85. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The firm has a market capitalization of $53.29 billion, a PE ratio of 11.51, a price-to-earnings-growth ratio of 1.31 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last issued its 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. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. The company's revenue was up 73.1% compared to the same quarter last year. Research analysts predict that Devon Energy Corporation will post 5.24 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio 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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