Devon Energy Corporation $DVN Shares Purchased by Wealth Enhancement Advisory Services LLC

Key Points

• Wealth Enhancement Advisory Services LLC increased its holdings in Devon Energy Corporation by 6.1% during the second quarter, now owning approximately 2 million shares valued at $67.4 million.
• Devon Energy reported earnings of $0.84 per share for the last quarter, surpassing estimates, and recorded revenues of $4.28 billion, a 9.4% year-over-year increase.
• The company announced a quarterly dividend of $0.24 per share, translating to an annual yield of 2.7%, with the payment date set for September 30th.

Wealth Enhancement Advisory Services LLC grew its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 6.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,029,369 shares of the energy company's stock after buying an additional 116,481 shares during the quarter. Wealth Enhancement Advisory Services LLC owned 0.32% of Devon Energy worth $67,436,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of DVN. Ameriprise Financial Inc. lifted its position 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 purchasing an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Nuveen LLC purchased a new position in Devon Energy in the 1st quarter valued at approximately $69,975,000. AQR Capital Management LLC boosted its position 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 buying an additional 1,779,382 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in Devon Energy by 530.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock valued at $77,323,000 after buying an additional 1,739,436 shares during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.6%

DVN traded down $0.19 on Monday, reaching $33.77. The company's stock had a trading volume of 6,823,967 shares, compared to its average volume of 6,908,607. The stock has a 50 day moving average of $33.98 and a two-hundred day moving average of $33.12. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $21.44 billion, a price-to-earnings ratio of 7.57, a P/E/G ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29.

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

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is 21.52%.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.73% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

DVN has been the subject of several recent research reports. Wells Fargo & Company raised their price target on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a research report on Tuesday, August 12th. William Blair initiated coverage on Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company. Tudor, Pickering, Holt & Co. boosted their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Morgan Stanley upped their target price on shares of Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research note on Monday, August 18th. Finally, BMO Capital Markets upped their target price on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $44.04.

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.