MBB Public Markets I LLC Takes Position in Devon Energy Corporation $DVN

Key Points

• MBB Public Markets I LLC acquired 8,827 shares of Devon Energy Corporation for approximately $330,000 in the first quarter.
• Several hedge funds increased their stakes in Devon Energy, with Ameriprise Financial Inc. expanding holdings by 81.1% to almost 5 million shares.
• Devon Energy reported a quarterly EPS of $0.84, surpassing expectations, with revenue of $4.28 billion for the quarter, a 9.4% increase year-over-year.

MBB Public Markets I LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 8,827 shares of the energy company's stock, valued at approximately $330,000.

A number of other institutional investors also recently modified their holdings of DVN. EP Wealth Advisors LLC raised its position in Devon Energy by 3.7% in the 4th quarter. EP Wealth Advisors LLC now owns 22,960 shares of the energy company's stock worth $751,000 after purchasing an additional 824 shares during the last quarter. Deutsche Bank AG boosted its position in Devon Energy by 3.0% in the 4th quarter. Deutsche Bank AG now owns 3,492,902 shares of the energy company's stock valued at $114,323,000 after buying an additional 102,725 shares during the last quarter. Ethic Inc. increased its stake in shares of Devon Energy by 59.4% in the 4th quarter. Ethic Inc. now owns 54,118 shares of the energy company's stock valued at $1,771,000 after buying an additional 20,175 shares during the period. Ensign Peak Advisors Inc raised its position in shares of Devon Energy by 208.3% during the fourth quarter. Ensign Peak Advisors Inc now owns 283,882 shares of the energy company's stock worth $9,291,000 after acquiring an additional 191,788 shares during the last quarter. Finally, Investment Management Corp of Ontario raised its position in shares of Devon Energy by 71.5% during the fourth quarter. Investment Management Corp of Ontario now owns 35,809 shares of the energy company's stock worth $1,172,000 after acquiring an additional 14,925 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.6%

NYSE:DVN traded down $0.21 on Thursday, reaching $35.31. The company's stock had a trading volume of 6,241,639 shares, compared to its average volume of 6,211,215. The business's 50-day moving average price is $33.83 and its two-hundred day moving average price is $33.17. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. 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 firm has a market cap of $22.41 billion, a PE ratio of 7.92, a PEG ratio of 2.04 and a beta of 1.09.

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

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio is 21.52%.

Analyst Ratings Changes

A number of analysts recently commented on the company. Wells Fargo & Company lifted their price objective on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. BMO Capital Markets raised their target price on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. William Blair began coverage on shares of Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company. Tudor, Pickering, Holt & Co. increased their price objective on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Sixteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Insider Activity

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following 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 SEC, which is available through the SEC website. 0.71% of the stock is owned by corporate insiders.

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.