Commerzbank Aktiengesellschaft FI Boosts Position in Devon Energy Corporation $DVN

Commerzbank Aktiengesellschaft FI grew its stake in shares of Devon Energy Corporation (NYSE:DVN) by 69.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,548 shares of the energy company’s stock after buying an additional 22,334 shares during the period. Commerzbank Aktiengesellschaft FI’s holdings in Devon Energy were worth $2,254,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC increased its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the period. MV Capital Management Inc. bought a new stake in Devon Energy during the 4th quarter worth approximately $29,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy in the 2nd quarter worth approximately $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in Devon Energy in the 4th quarter worth approximately $29,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Barclays cut their price target on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. Weiss Ratings raised Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. UBS Group reduced their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Finally, Scotiabank upped their target price on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.58% of the stock is owned by insiders.

Devon Energy Trading Up 3.9%

NYSE DVN opened at $47.62 on Tuesday. The stock’s 50-day simple moving average is $43.45 and its two-hundred day simple moving average is $45.24. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $52.38 billion, a price-to-earnings ratio of 11.31 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. The company’s revenue was up 73.1% compared to the same quarter last year. Research analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s payout ratio is presently 30.40%.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.