Raymond James Financial Inc. Has $152.20 Million Holdings in Devon Energy Corporation $DVN

Key Points

• Raymond James Financial Inc. reduced its stake in Devon Energy Corporation by 13.6%, selling 640,829 shares, and currently holds approximately 0.63% of the company worth $152.2 million.
• Several institutional investors have increased their positions in Devon Energy, with Vanguard Group raising its holdings by 2.6%, while Victory Capital Management increased theirs by 12.9% in the first quarter.
• Devon Energy recently reported a quarterly EPS of $0.84, exceeding estimates, and announced a quarterly dividend of $0.24 per share, translating to a 2.8% dividend yield.

Raymond James Financial Inc. reduced its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 13.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,069,532 shares of the energy company's stock after selling 640,829 shares during the period. Raymond James Financial Inc. owned 0.63% of Devon Energy worth $152,200,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Elevatus Welath Management bought a new position in shares of Devon Energy in the 1st quarter worth $2,183,000. Cowa LLC boosted its position in shares of Devon Energy by 22.5% in the 1st quarter. Cowa LLC now owns 16,372 shares of the energy company's stock worth $612,000 after purchasing an additional 3,012 shares during the last quarter. Tocqueville Asset Management L.P. raised its stake in Devon Energy by 6.1% during the 1st quarter. Tocqueville Asset Management L.P. now owns 12,983 shares of the energy company's stock worth $486,000 after buying an additional 741 shares during the period. Nations Financial Group Inc. IA ADV acquired a new stake in Devon Energy during the 1st quarter worth $366,000. Finally, American Century Companies Inc. raised its stake in Devon Energy by 26.3% during the 1st quarter. American Century Companies Inc. now owns 1,132,683 shares of the energy company's stock worth $42,362,000 after buying an additional 235,532 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling 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 transaction of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.71% of the stock is owned by insiders.

Devon Energy Stock Up 3.6%

Shares of NYSE DVN traded up $1.2350 during mid-day trading on Friday, hitting $35.1250. The company had a trading volume of 8,404,228 shares, compared to its average volume of 8,949,954. The company has a market capitalization of $22.30 billion, a PE ratio of 7.88, a price-to-earnings-growth ratio of 1.92 and a beta of 1.07. The firm has a 50-day simple moving average of $33.25 and a two-hundred day simple moving average of $33.13. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a one year low of $25.89 and a one year high of $46.04.

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 analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

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 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DVN. Tudor, Pickering, Holt & Co. raised their price objective on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. JPMorgan Chase & Co. raised their price objective on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Mizuho dropped their price objective on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Finally, Jefferies Financial Group lifted their price target on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a research note on Monday, July 14th. Fifteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, Devon Energy presently 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.