Devon Energy Corporation (NYSE:DVN) Shares Bought by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Devon Energy Corporation by 2.6% during Q1, owning approximately 12.87% of the company, valued at $3.1 billion.
• Devon Energy reported earnings of $0.84 per share, surpassing analysts' expectations, with revenue reaching $4.28 billion during the last quarter.
• The company declared a quarterly dividend of $0.24 per share, representing an annual yield of 2.9%, scheduled to be paid on September 30th.

Vanguard Group Inc. raised its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 2.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,780,738 shares of the energy company's stock after acquiring an additional 2,098,568 shares during the period. Vanguard Group Inc. owned approximately 12.87% of Devon Energy worth $3,096,000,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Banque Cantonale Vaudoise purchased a new stake in shares of Devon Energy in the first quarter worth $26,000. Financial Gravity Asset Management Inc. bought a new position in shares of Devon Energy during the first quarter valued at $26,000. Rakuten Securities Inc. lifted its holdings in shares of Devon Energy by 94.6% during the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares in the last quarter. Accredited Wealth Management LLC bought a new position in shares of Devon Energy during the fourth quarter valued at $28,000. Finally, Hughes Financial Services LLC bought a new position in shares of Devon Energy during the first quarter valued at $38,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.4%

NYSE DVN traded down $0.15 on Wednesday, reaching $33.17. 2,291,188 shares of the stock traded hands, compared to its average volume of 9,061,286. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company has a fifty day moving average price of $33.13 and a 200-day moving average price of $33.17. The company has a market cap of $21.06 billion, a price-to-earnings ratio of 7.44, a PEG ratio of 1.87 and a beta of 1.07. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $46.04.

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

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is 21.52%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Siebert Williams Shank upped their price target on Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Barclays upped their price target on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Morgan Stanley reissued an "overweight" rating and issued a $46.00 target price (up previously from $44.00) on shares of Devon Energy in a report on Tuesday, July 15th. Mizuho lowered their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Finally, Wolfe Research increased their target price on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.96.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.73% of the stock is currently owned by company insiders.

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.