Saudi Central Bank Has $3.17 Million Position in Devon Energy Corporation $DVN

Key Points

• Saudi Central Bank increased its Devon Energy stake by 249% in the second quarter, holding 76,769 shares valued at approximately $3.17 million. Institutional investors collectively own 69.72% of the company.
• Analysts maintain a “Moderate Buy” consensus on DVN, with a $59.23 average price target, despite several firms recently lowering their targets.
• Devon Energy exceeded quarterly earnings and revenue expectations, reporting $1.57 in EPS and $7.42 billion in revenue. The company also declared a $0.32 quarterly dividend, equivalent to a 2.7% annualized yield.

Saudi Central Bank lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 249.0% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 76,769 shares of the energy company's stock after buying an additional 54,772 shares during the quarter. Saudi Central Bank's holdings in Devon Energy were worth $3,172,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Angeles Wealth Management LLC acquired a new stake in Devon Energy during the second quarter worth approximately $205,000. Compass Financial Management LLC acquired a new stake in Devon Energy during the 2nd quarter worth approximately $166,000. AlphaGrep UK Ltd acquired a new stake in Devon Energy during the 2nd quarter worth approximately $725,000. Shah Wealth Advisors LLC bought a new stake in Devon Energy in the 2nd quarter valued at $385,000. Finally, Markowski Investments acquired a new position in Devon Energy in the 2nd quarter valued at $450,000. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on DVN shares. Weiss Ratings downgraded Devon Energy from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. Barclays lowered their price target on shares of Devon Energy from $62.00 to $58.00 and set an "overweight" rating on the stock in a research report on Monday, August 17th. The Goldman Sachs Group dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Finally, Wells Fargo & Company cut their price objective on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $59.23.

Devon Energy Price Performance

Shares of DVN stock opened at $48.08 on Tuesday. The business has a fifty day simple moving average of $44.91 and a 200 day simple moving average of $45.82. The company has a market cap of $52.89 billion, a P/E ratio of 11.42, a P/E/G ratio of 1.31 and a beta of 0.37. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results 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 firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business's quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.84 earnings per share. On average, sell-side analysts forecast that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

Insider Transactions at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Company Profile

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.