OMNI 360 Wealth Inc. Takes $262,000 Position in Devon Energy Corporation $DVN

Key Points

• OMNI 360 Wealth Inc. has acquired a new stake in Devon Energy Corporation worth approximately $262,000, adding 8,245 shares to its portfolio in the second quarter.
• Several institutional investors have increased their positions in Devon Energy, with Vanguard Group Inc. now holding approximately 82.78 million shares valued at $3.1 billion.
• Devon Energy reported an earnings per share (EPS) of $0.84 for the last quarter, exceeding analysts' expectations and marking a 9.4% increase in revenue year-over-year.

OMNI 360 Wealth Inc. acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,245 shares of the energy company's stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of DVN. Vanguard Group Inc. grew its holdings in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Victory Capital Management Inc. lifted its position in Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after purchasing an additional 1,315,050 shares during the last quarter. Northern Trust Corp grew its stake in Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock worth $245,987,000 after buying an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after buying an additional 2,252,918 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Devon Energy by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after buying an additional 354,633 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Siebert Williams Shank lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Wells Fargo & Company increased their price objective on Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. JPMorgan Chase & Co. raised their price objective on Devon Energy from $40.00 to $42.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Raymond James Financial restated an "outperform" rating and issued a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Trading Down 1.4%

NYSE:DVN opened at $34.81 on Monday. The firm has a market capitalization of $22.10 billion, a P/E ratio of 7.80, a P/E/G ratio of 2.00 and a beta of 1.09. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The company has a fifty day moving average of $33.91 and a 200 day moving average of $33.12. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $43.29.

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

Devon Energy Announces Dividend

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

Insider Buying and Selling

In related 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.