NewEdge Advisors LLC Has $5.09 Million Stock Position in Devon Energy Corporation $DVN

Key Points

• NewEdge Advisors LLC reduced its holdings in Devon Energy Corporation by **22.8%**, selling 40,203 shares during the first quarter, leaving them with 136,047 shares valued at **$5.08 million**.
• Devon Energy recently increased its quarterly dividend to **$0.24**, providing a **2.8% yield** with a payout ratio of **21.52%**.
• Analysts have varied price targets for Devon Energy, with **Morgan Stanley** raising their estimate from **$46 to $49**, while consensus rating stands at **"Moderate Buy"** with an average price target of **$44.15**.

NewEdge Advisors LLC decreased its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 22.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 136,047 shares of the energy company's stock after selling 40,203 shares during the period. NewEdge Advisors LLC's holdings in Devon Energy were worth $5,088,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Encompass Capital Advisors LLC bought a new stake in shares of Devon Energy during the 1st quarter valued at $63,561,000. Alliancebernstein L.P. increased its position in shares of Devon Energy by 29.0% in the 1st quarter. Alliancebernstein L.P. now owns 1,198,996 shares of the energy company's stock valued at $44,842,000 after buying an additional 269,774 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Devon Energy by 100.0% in the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock valued at $132,051,000 after buying an additional 1,779,382 shares in the last quarter. Amundi increased its position in shares of Devon Energy by 4.6% in the 1st quarter. Amundi now owns 2,323,938 shares of the energy company's stock valued at $86,915,000 after buying an additional 103,059 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Devon Energy by 14.8% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 2,484,492 shares of the energy company's stock valued at $92,920,000 after buying an additional 320,700 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on DVN shares. Bernstein Bank lowered their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 7th. Raymond James Financial restated an "outperform" rating and issued a $45.00 price objective (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Barclays upped their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Wells Fargo & Company upped their price objective on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. Finally, Tudor, Pickering, Holt & Co. upped their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

Devon Energy Stock Down 1.4%

DVN stock traded down $0.48 during trading hours on Friday, reaching $34.81. 7,121,834 shares of the stock were exchanged, compared to its average volume of 6,375,259. The firm's 50-day moving average is $33.91 and its 200-day moving average is $33.12. The company has a market cap of $22.10 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 2.00 and a beta of 1.09. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. The company 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%.Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 EPS. On average, equities research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

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

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 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 completion of the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.73% of the stock is owned by insiders.

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.