Shell Asset Management Co. Has $4.53 Million Holdings in Devon Energy Corporation $DVN

Key Points

• Shell Asset Management Co. increased its stake in Devon Energy Corporation by 10.6%, now holding 142,338 shares valued at approximately $4.53 million.
• Institutional investors jointly own 69.72% of Devon Energy, with Ameriprise Financial and Vanguard Group significantly boosting their positions in the stock.
• Devon Energy recently reported $0.84 earnings per share, exceeding estimates, and announced a quarterly dividend of $0.24, reflecting a 2.7% yield.

Shell Asset Management Co. raised its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 10.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 142,338 shares of the energy company's stock after buying an additional 13,597 shares during the quarter. Shell Asset Management Co.'s holdings in Devon Energy were worth $4,528,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ameriprise Financial Inc. lifted its position in Devon Energy by 81.1% during 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 in the last quarter. Vanguard Group Inc. boosted its stake in shares of Devon Energy by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after acquiring an additional 2,098,568 shares during the period. Nuveen LLC bought a new position in Devon Energy during the first quarter worth $69,975,000. AQR Capital Management LLC boosted its holdings in shares of Devon Energy by 100.0% during the 1st quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company's stock worth $132,051,000 after buying an additional 1,779,382 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Devon Energy by 530.3% in the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after purchasing an additional 1,739,436 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the business'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 completion of the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.73% of the company's stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of recent analyst reports. Morgan Stanley upped their target price on Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Evercore ISI increased their price target on Devon Energy from $34.00 to $37.00 and gave the company an "in-line" rating in a research note on Monday. Tudor, Pickering, Holt & Co. lifted their target price on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Siebert Williams Shank increased their price target on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a research note on Monday, June 23rd. Finally, Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $43.48.

Devon Energy Price Performance

DVN opened at $34.95 on Wednesday. The firm has a market cap of $22.18 billion, a PE ratio of 7.84, a P/E/G ratio of 2.03 and a beta of 1.03. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The stock has a 50-day moving average price of $34.47 and a 200-day moving average price of $33.14.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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 return on equity of 18.59% and a net margin of 16.57%.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 firm posted $1.41 earnings per share. The business's revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were paid a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 21.52%.

Devon Energy Company 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.

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