193,477 Shares in Devon Energy Corporation $DVN Purchased by NFJ Investment Group LLC

Key Points

• NFJ Investment Group LLC has made a new investment in Devon Energy Corporation, purchasing 193,477 shares valued at approximately $7.2 million during the first quarter.
• Devon Energy announced a quarterly dividend of $0.24 per share, with an upcoming ex-dividend date on September 15th, representing a 2.7% dividend yield.
• Analysts have set an average price target of $44.15 for Devon Energy's stock, with the majority rating it as a "Moderate Buy".

NFJ Investment Group LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 193,477 shares of the energy company's stock, valued at approximately $7,236,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Ameriprise Financial Inc. raised its stake in shares of Devon Energy by 81.1% during the 1st 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 last quarter. Vanguard Group Inc. raised its stake in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after buying an additional 2,098,568 shares during the last quarter. Nuveen LLC purchased a new position in shares of Devon Energy during the 1st quarter valued at about $69,975,000. AQR Capital Management LLC raised its stake in shares of Devon Energy by 100.0% during 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 during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Devon Energy by 530.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after buying an additional 1,739,436 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of Devon Energy stock traded down $0.81 on Friday, hitting $34.77. The company's stock had a trading volume of 8,727,564 shares, compared to its average volume of 6,158,440. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The firm has a fifty day moving average price of $33.70 and a 200-day moving average price of $33.17. The company has a market capitalization of $22.07 billion, a price-to-earnings ratio of 7.80, a price-to-earnings-growth ratio of 2.00 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 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 firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.01 billion. During the same quarter in the previous year, the business earned $1.41 EPS. Devon Energy's revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. 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%.

Insider Transactions at Devon Energy

In related 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 directly owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

DVN has been the subject of a number of recent research reports. BMO Capital Markets lifted their price objective on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research note on Monday, July 14th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Piper Sandler reduced their price objective on Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. The Goldman Sachs Group lifted their price objective on Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 15th. Finally, Wolfe Research lifted their price target on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research note on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average price target of $44.15.

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.