Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in Devon Energy Corporation (NYSE:DVN)

Key Points

• Zurcher Kantonalbank increased its stake in Devon Energy Corporation by 41.2%, acquiring 89,553 shares, bringing its total holdings to 306,989 shares valued at approximately $11.48 million.
• Several hedge funds also made significant purchases, with Geode Capital Management boosting its position by 6.5% and Victory Capital Management by 12.9% during the same period.
• Devon Energy reported a quarterly earnings per share (EPS) of $1.21, missing estimates, with revenues of $4.45 billion, reflecting a 23.8% year-over-year increase.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 41.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 306,989 shares of the energy company's stock after acquiring an additional 89,553 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Devon Energy were worth $11,481,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in DVN. Covestor Ltd boosted its stake in shares of Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock valued at $83,000 after buying an additional 345 shares during the period. Whittier Trust Co. boosted its stake in shares of Devon Energy by 24.3% in the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock valued at $72,000 after buying an additional 377 shares during the period. Hager Investment Management Services LLC boosted its stake in shares of Devon Energy by 9.9% in the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock valued at $158,000 after buying an additional 380 shares during the period. Private Advisor Group LLC boosted its stake in shares of Devon Energy by 0.4% in the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock valued at $3,449,000 after buying an additional 386 shares during the period. Finally, Sierra Ocean LLC boosted its stake in shares of Devon Energy by 29.4% in the first quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock valued at $64,000 after buying an additional 388 shares during the period. Institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of NYSE:DVN traded down $0.54 during trading on Thursday, reaching $33.22. 5,465,621 shares of the company's stock traded hands, compared to its average volume of 6,922,595. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $47.44. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The firm has a market cap of $21.33 billion, a PE ratio of 7.57, a P/E/G ratio of 1.91 and a beta of 1.02. The company has a 50-day simple moving average of $32.86 and a 200-day simple moving average of $33.49.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.16 EPS. As a group, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.9%. The ex-dividend date was Friday, June 13th. Devon Energy's payout ratio is presently 21.87%.

Analyst Ratings Changes

Several brokerages have commented on DVN. Bank of America lowered their price objective on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, April 29th. Bernstein Bank dropped their price objective on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research note on Monday, July 7th. Mizuho dropped their price target on Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Wells Fargo & Company raised their price objective on Devon Energy from $41.00 to $42.00 and gave the company an "overweight" rating in a report on Thursday, July 3rd. Finally, The Goldman Sachs Group upped their target price on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $43.85.

Devon Energy 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.