Devon Energy Corporation $DVN Shares Acquired by Fifth Third Wealth Advisors LLC

Fifth Third Wealth Advisors LLC grew its holdings in Devon Energy Corporation (NYSE:DVN) by 706.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 54,549 shares of the energy company’s stock after acquiring an additional 47,787 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Devon Energy were worth $2,254,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DVN. Cary Street Partners Investment Advisory LLC lifted its position in Devon Energy by 75.8% during the second quarter. Cary Street Partners Investment Advisory LLC now owns 3,069 shares of the energy company’s stock valued at $127,000 after purchasing an additional 1,323 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Devon Energy by 113.1% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 254,656 shares of the energy company’s stock valued at $10,522,000 after buying an additional 135,170 shares during the last quarter. Arvest Investments Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $360,000. Cidel Asset Management Inc. lifted its holdings in shares of Devon Energy by 45.3% in the 2nd quarter. Cidel Asset Management Inc. now owns 20,484 shares of the energy company’s stock valued at $846,000 after buying an additional 6,386 shares during the period. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Devon Energy by 31.3% in the second quarter. Sequoia Financial Advisors LLC now owns 89,209 shares of the energy company’s stock worth $3,686,000 after buying an additional 21,285 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 3.2%

Shares of Devon Energy stock opened at $45.83 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm’s 50-day moving average price is $43.40 and its 200 day moving average price is $45.14. The firm has a market capitalization of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm’s revenue was up 73.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.84 EPS. On average, sell-side analysts predict that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on DVN. Morgan Stanley decreased their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. The Goldman Sachs Group decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Susquehanna increased their price target on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.60.

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.