RFG Advisory LLC Increases Position in Devon Energy Corporation $DVN

Key Points

• RFG Advisory LLC increased its stake in Devon Energy Corporation by 18.4% during the second quarter, now owning 85,027 shares valued at approximately $2.7 million.
• Devon Energy reported $0.84 earnings per share for the last quarter, exceeding expectations, with revenues of $4.28 billion, a 9.4% increase year-over-year.
• The company announced a quarterly dividend of $0.24 per share, representing an annualized dividend yield of 2.9%.

RFG Advisory LLC increased its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 18.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 85,027 shares of the energy company's stock after purchasing an additional 13,220 shares during the quarter. RFG Advisory LLC's holdings in Devon Energy were worth $2,705,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Ameriprise Financial Inc. grew its stake in Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after acquiring an additional 2,252,918 shares during the last quarter. Vanguard Group Inc. grew its stake in Devon Energy by 2.6% in 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 acquiring an additional 2,098,568 shares during the last quarter. Nuveen LLC acquired a new stake in Devon Energy in the 1st quarter valued at about $69,975,000. AQR Capital Management LLC grew its stake in 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 acquiring an additional 1,779,382 shares during the last quarter. Finally, Encompass Capital Advisors LLC acquired a new stake in Devon Energy in the 1st quarter valued at about $63,561,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Devon Energy stock opened at $32.69 on Wednesday. The firm's 50-day moving average is $34.56 and its two-hundred day moving average is $33.02. 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 $41.84. The stock has a market capitalization of $20.75 billion, a P/E ratio of 7.33, a P/E/G ratio of 1.93 and a beta of 1.03.

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

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were given a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were 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 of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.73% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on DVN shares. Mizuho lowered their price objective on shares of Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Morgan Stanley lowered their price objective on shares of Devon Energy from $49.00 to $47.00 and set an "overweight" rating on the stock in a research note on Tuesday. Evercore ISI increased their price objective on shares of Devon Energy from $34.00 to $37.00 and gave the company an "in-line" rating in a research note on Monday, October 6th. Barclays decreased their price target on shares of Devon Energy from $42.00 to $40.00 and set an "equal weight" rating on the stock in a research note on Tuesday, October 7th. Finally, Wells Fargo & Company raised their price target on shares of Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Seventeen analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $43.68.

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.

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