HighTower Advisors LLC Increases Position in Devon Energy Corporation $DVN

Key Points

• HighTower Advisors increased its Devon Energy stake by 240% in the second quarter, acquiring 348,120 additional shares for a total of 493,197 shares valued at approximately $20.4 million. Institutional investors collectively own 69.72% of DVN.
• Devon Energy reported quarterly EPS of $1.57, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized yield of about 2.8%.
• Analysts maintain a generally positive outlook, with Devon carrying a consensus “Moderate Buy” rating and an average price target of $59.60, compared with a recent share price of $45.83.

HighTower Advisors LLC lifted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 240.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 493,197 shares of the energy company's stock after acquiring an additional 348,120 shares during the period. HighTower Advisors LLC owned 0.08% of Devon Energy worth $20,379,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Tobam boosted its position in Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company's stock valued at $60,000 after purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC raised its holdings in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after purchasing an additional 236 shares in the last quarter. JFS Wealth Advisors LLC lifted its position in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after buying an additional 245 shares during the last quarter. Catalyst Financial Partners LLC lifted its position in shares of Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after buying an additional 254 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in shares of Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock valued at $54,000 after buying an additional 257 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, 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 Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.58% of the company's stock.

Devon Energy Price Performance

Shares of DVN opened at $45.83 on Friday. The firm has a market capitalization of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. 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 $43.40 and its 200-day moving average price is $45.14. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts' expectations 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 was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 EPS. On average, equities research analysts predict that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on DVN shares. Roth Capital reaffirmed a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Raymond James Financial lowered their target price on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a research note on Thursday, July 16th. Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Finally, Citigroup increased their price objective on Devon Energy from $60.00 to $65.00 and gave the company a "buy" rating in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.60.

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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