Fifth Third Bancorp Has $14.37 Million Position in Devon Energy Corporation $DVN

Fifth Third Bancorp raised its holdings in Devon Energy Corporation (NYSE:DVN) by 62.3% during the second quarter, Holdings Channel.com reports. The fund owned 347,642 shares of the energy company’s stock after purchasing an additional 133,396 shares during the period. Fifth Third Bancorp’s holdings in Devon Energy were worth $14,365,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. State Street Corp raised its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after purchasing an additional 235,561 shares during the period. Finally, Kimmeridge Energy Management Company LLC increased its holdings in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

DVN stock opened at $45.83 on Friday. The stock has a 50-day moving average price of $43.40 and a two-hundred day moving average price of $45.14. The stock has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.84 earnings per share. Equities 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. This represents a $1.28 dividend on an annualized basis and a 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%.

Insider Transactions at Devon Energy

In other Devon Energy 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 sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.58% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on DVN. Scotiabank increased their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company decreased their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday. Raymond James Financial lowered their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Mizuho increased their price target on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.60.

Devon Energy Profile

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.