Devon Energy Corporation $DVN Shares Bought by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC increased its holdings in Devon Energy by 174.2% in the first quarter, owning 59,708 shares worth approximately $2.23 million.
• Devon Energy's recent quarterly earnings showed a net revenue of $4.28 billion and earnings per share of $0.84, surpassing analysts' estimates and marking a 9.4% year-over-year increase.
• The company announced a quarterly dividend of $0.24 per share, translating to an annual yield of 2.9%, with the ex-dividend date set for September 15th.

Kovitz Investment Group Partners LLC lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 174.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,708 shares of the energy company's stock after purchasing an additional 37,929 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Devon Energy were worth $2,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew 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 valued at $3,096,000,000 after purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. boosted 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 worth $430,805,000 after acquiring an additional 1,315,050 shares during the period. Fuller & Thaler Asset Management Inc. boosted its stake in shares of Devon Energy by 42.8% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the period. Northern Trust Corp boosted its stake in shares of Devon Energy by 2.4% in the fourth quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company's stock worth $204,914,000 after acquiring an additional 144,789 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted 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 worth $176,036,000 after acquiring an additional 354,633 shares during the period. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DVN. Mizuho dropped their price objective on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Morgan Stanley increased their price target on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Monday. UBS Group increased their price target on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday. Bank of America dropped their price target on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research note on Tuesday, April 29th. Finally, BMO Capital Markets increased their price target on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Fifteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is owned by insiders.

Devon Energy Stock Up 0.2%

NYSE DVN traded up $0.0560 during midday trading on Thursday, hitting $33.8360. 5,310,943 shares of the company traded hands, compared to its average volume of 7,667,695. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company has a market cap of $21.48 billion, a PE ratio of 7.59, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The company's 50-day simple moving average is $33.25 and its 200-day simple moving average is $33.13. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.04.

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

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Devon Energy Profile

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.