HighTower Advisors LLC Increases Position in Devon Energy Corporation $DVN

Key Points

• HighTower Advisors increased its Devon Energy position by 240% in the second quarter, adding 348,120 shares to own 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, exceeding the $1.40 consensus estimate, while revenue rose 73.1% year over year to $7.42 billion. Shares opened at $48.44, and analysts maintain a “Moderate Buy” consensus rating with a $59.23 average price target.
• The company declared a quarterly dividend of $0.32 per share, equivalent to a $1.28 annualized payout and a 2.6% yield; the dividend is payable September 30 to shareholders of record September 15.

HighTower Advisors LLC raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 240.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 493,197 shares of the energy company's stock after acquiring an additional 348,120 shares during the period. HighTower Advisors LLC's holdings in Devon Energy were worth $20,379,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in DVN. Kimmeridge Energy Management Company LLC boosted its position in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. LSV Asset Management raised its stake in Devon Energy by 79.6% during the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock worth $29,289,000 after purchasing an additional 354,500 shares during the period. Morningstar Investment Management LLC acquired a new position in shares of Devon Energy in the 4th quarter valued at $2,089,000. Illinois Municipal Retirement Fund grew its stake in shares of Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company's stock valued at $9,801,000 after buying an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC grew its stake in shares of Devon Energy by 20.0% during the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company's stock valued at $24,138,000 after buying an additional 80,000 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Up 0.8%

Shares of NYSE DVN opened at $48.44 on Wednesday. The stock has a fifty day moving average price of $45.05 and a 200 day moving average price of $45.85. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a market cap of $53.29 billion, a P/E ratio of 11.51, a P/E/G ratio of 1.31 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings data 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 for 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 quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 earnings per share. Research analysts anticipate that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy's dividend payout ratio (DPR) is 30.40%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on DVN shares. The Goldman Sachs Group reduced their target price on Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Tuesday, June 30th. Weiss Ratings downgraded Devon Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Wells Fargo & Company reduced their price objective on Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. UBS Group decreased their target price on Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a report on Wednesday, July 15th. Finally, Citigroup increased their target price on shares of Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a research report on Monday, August 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.23.

Devon Energy Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.