Manning & Napier Advisors LLC Raises Stock Position in Devon Energy Corporation (NYSE:DVN)

Manning & Napier Advisors LLC boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 83.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 75,044 shares of the energy company's stock after buying an additional 34,230 shares during the period. Manning & Napier Advisors LLC's holdings in Devon Energy were worth $2,807,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the business. Hurley Capital LLC bought a new stake in shares of Devon Energy during the fourth quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after purchasing an additional 405 shares in the last quarter. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth approximately $28,000. Salem Investment Counselors Inc. raised its stake in shares of Devon Energy by 46.7% in the first quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after purchasing an additional 400 shares during the last quarter. Finally, Sound Income Strategies LLC lifted its holdings in shares of Devon Energy by 100.1% in the first quarter. Sound Income Strategies LLC now owns 1,911 shares of the energy company's stock valued at $71,000 after purchasing an additional 956 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Devon Energy stock traded up $0.33 during midday trading on Thursday, reaching $32.46. The stock had a trading volume of 6,189,435 shares, compared to its average volume of 8,828,891. The firm has a market capitalization of $20.84 billion, a PE ratio of 7.39, a P/E/G ratio of 2.39 and a beta of 1.02. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm's 50-day moving average price is $32.17 and its 200 day moving average price is $33.44.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business had revenue of $4.45 billion for the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The business's quarterly revenue was up 23.8% compared to the same quarter last year. As a group, research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a dividend of $0.24 per share. The ex-dividend date is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.96%. Devon Energy's payout ratio is 21.87%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DVN. Scotiabank decreased their price target on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Morgan Stanley upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock an "overweight" rating in a research note on Friday, May 23rd. Raymond James Financial set a $40.00 target price on shares of Devon Energy in a report on Monday, April 21st. Royal Bank Of Canada cut their price target on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a report on Monday, April 14th. Finally, The Goldman Sachs Group increased their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $43.50.

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.