Jacobi Capital Management LLC Boosts Stock Position in Devon Energy Corporation $DVN

Key Points

• Jacobi Capital Management LLC has increased its holdings in Devon Energy by 111.5%, owning 17,174 shares valued at $642,000 following the purchase of an additional 9,053 shares.
• Several hedge funds, including Ameriprise Financial Inc. and Vanguard Group Inc., have significantly raised their stakes in Devon Energy during the first quarter, reflecting growing institutional interest.
• Devon Energy has declared a quarterly dividend of $0.24 per share, scheduled to be paid on September 30th, representing a 2.8% dividend yield.

Jacobi Capital Management LLC increased its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 111.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,174 shares of the energy company's stock after acquiring an additional 9,053 shares during the quarter. Jacobi Capital Management LLC's holdings in Devon Energy were worth $642,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after acquiring an additional 2,098,568 shares during the period. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after buying an additional 1,315,050 shares during the period. Northern Trust Corp raised its stake in shares of Devon Energy by 5.1% in the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after buying an additional 316,460 shares during the period. Ameriprise Financial Inc. raised its stake in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after buying an additional 2,252,918 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock valued at $176,036,000 after buying an additional 354,633 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.73% of the stock is currently owned by insiders.

Devon Energy Price Performance

Devon Energy stock traded down $0.98 during midday trading on Monday, hitting $33.79. 8,514,955 shares of the company's stock were exchanged, compared to its average volume of 6,375,259. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.29. The stock has a 50-day moving average price of $33.93 and a two-hundred day moving average price of $33.10. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a market cap of $21.45 billion, a P/E ratio of 7.58, a PEG ratio of 2.00 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm's revenue was up 9.4% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Wall Street Analyst Weigh In

Several analysts have issued reports on DVN shares. Siebert Williams Shank boosted their target price on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. UBS Group boosted their target price on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Jefferies Financial Group boosted their target price on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Finally, Barclays boosted their target price on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.04.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.