OneDigital Investment Advisors LLC Boosts Stock Position in Devon Energy Corporation $DVN

Key Points

• OneDigital Investment Advisors increased its Devon Energy stake by 173.9% in the second quarter to 39,262 shares valued at $1.62 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.15, although Morgan Stanley and Barclays recently lowered their targets.
• Devon Energy exceeded quarterly expectations with adjusted EPS of $1.57 and revenue of $7.42 billion, while announcing a quarterly dividend of $0.32 per share, equivalent to a 2.7% yield.

OneDigital Investment Advisors LLC increased its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 173.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 39,262 shares of the energy company's stock after acquiring an additional 24,930 shares during the period. OneDigital Investment Advisors LLC's holdings in Devon Energy were worth $1,622,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in DVN. Pacer Advisors Inc. grew its holdings in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock worth $233,953,000 after acquiring an additional 6,097,658 shares during the period. Bank of New York Mellon Corp lifted its holdings in Devon Energy by 137.4% in the second quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company's stock valued at $397,834,000 after acquiring an additional 5,573,172 shares during the period. Panagora Asset Management Inc. lifted its holdings in Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock valued at $132,206,000 after acquiring an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC boosted its position in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. Finally, AQR Capital Management LLC boosted its position in Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock worth $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley reduced their price target on Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, June 26th. Barclays lowered their price objective on Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Monday. Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a report on Saturday. Roth Capital restated a "buy" rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Finally, Evercore raised shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $59.15.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is currently owned by company insiders.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $47.62 on Tuesday. The company has a market capitalization of $52.38 billion, a price-to-earnings ratio of 11.31 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The firm has a 50 day moving average of $43.45 and a 200 day moving average of $45.24.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business's revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, sell-side analysts predict that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's payout ratio is 30.40%.

About Devon Energy

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

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