The Manufacturers Life Insurance Company Decreases Holdings in Devon Energy Corporation $DVN

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in Devon Energy Corporation by 5.5%, selling 25,769 shares and owning 440,342 shares valued at approximately $16.47 million.
• In the first quarter, several large investors, including Ameriprise Financial and Assenagon Asset Management, significantly increased their stakes in Devon Energy, highlighting strong institutional interest in the company.
• Analysts have raised their price targets for Devon Energy, with Wells Fargo increasing their target from $42.00 to $43.00, and a consensus price target of $44.15, indicating optimism about the stock's future performance.

The Manufacturers Life Insurance Company cut its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 5.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 440,342 shares of the energy company's stock after selling 25,769 shares during the quarter. The Manufacturers Life Insurance Company owned 0.07% of Devon Energy worth $16,469,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in DVN. Ameriprise Financial Inc. raised its stake in shares of Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock worth $188,131,000 after acquiring an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after buying an additional 2,098,568 shares during the period. Nuveen LLC purchased a new position in shares of Devon Energy in the first quarter worth $69,975,000. Assenagon Asset Management S.A. increased its stake 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 worth $77,323,000 after buying an additional 1,739,436 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Devon Energy by 112.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 3,026,396 shares of the energy company's stock worth $99,054,000 after buying an additional 1,598,579 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the sale, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.73% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Wells Fargo & Company lifted their target price 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. William Blair assumed coverage on shares of Devon Energy in a research note on Monday, August 25th. They issued an "outperform" rating on the stock. The Goldman Sachs Group lifted their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Piper Sandler decreased their target price on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research note on Thursday, August 14th. Finally, Wolfe Research boosted their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Stock Up 0.9%

Shares of Devon Energy stock opened at $36.41 on Wednesday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $44.08. The company has a market cap of $23.11 billion, a P/E ratio of 8.16, a PEG ratio of 2.08 and a beta of 1.09. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company's fifty day simple moving average is $33.53 and its two-hundred day simple moving average is $33.22.

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

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is 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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