Devon Energy Co. (NYSE:DVN) Shares Purchased by Advisors Asset Management Inc.

Advisors Asset Management Inc. increased its holdings in shares of Devon Energy Co. (NYSE:DVN) by 16.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 152,700 shares of the energy company’s stock after purchasing an additional 21,283 shares during the quarter. Advisors Asset Management Inc.’s holdings in Devon Energy were worth $7,662,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the 1st quarter worth about $30,000. Manchester Capital Management LLC acquired a new stake in shares of Devon Energy during the 4th quarter worth about $28,000. Jones Financial Companies Lllp increased its position in shares of Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the last quarter. PFS Partners LLC acquired a new stake in shares of Devon Energy during the 4th quarter worth about $36,000. Finally, Salem Investment Counselors Inc. increased its position in shares of Devon Energy by 31.4% during the 1st quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DVN. Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a report on Friday, June 14th. Citigroup raised their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Piper Sandler lifted their price objective on shares of Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Susquehanna restated a “positive” rating and issued a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

Devon Energy Stock Up 0.2 %

NYSE DVN traded up $0.07 on Friday, hitting $46.35. 4,326,084 shares of the stock were exchanged, compared to its average volume of 7,183,758. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a market cap of $29.29 billion, a PE ratio of 8.83, a PEG ratio of 0.76 and a beta of 2.07. The company has a 50-day moving average price of $47.26 and a 200-day moving average price of $47.10.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same quarter in the prior year, the business posted $1.46 EPS. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Co. will post 5.39 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

About Devon Energy

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.