UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Increases Stake in Devon Energy Corporation $DVN

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Devon Energy Corporation (NYSE:DVN) by 119.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,255,554 shares of the energy company’s stock after buying an additional 3,942,368 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned 0.66% of Devon Energy worth $299,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy in the 4th quarter valued at $25,000. JFS Wealth Advisors LLC boosted its holdings in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares during the last quarter. Parvin Asset Management LLC purchased a new position in shares of Devon Energy during the second quarter valued at about $28,000. MV Capital Management Inc. purchased a new position in shares of Devon Energy during the fourth quarter valued at about $29,000. Finally, KERR FINANCIAL PLANNING Corp bought a new stake in shares of Devon Energy in the second quarter worth about $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.6%

Shares of NYSE DVN opened at $48.58 on Tuesday. The firm’s 50-day moving average price is $44.31 and its 200-day moving average price is $45.67. 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 stock has a market capitalization of $53.44 billion, a price-to-earnings ratio of 11.54, a P/E/G ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 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 company had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the business posted $0.84 earnings per share. The firm’s revenue was up 73.1% on a year-over-year basis. On average, equities research analysts anticipate that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s payout ratio is 30.40%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Truist Financial boosted their target price on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Susquehanna raised their price target on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Barclays reduced their price objective on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Finally, Morgan Stanley lowered their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.23.

Insider Activity at Devon Energy

In other 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 transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 4.58% of the company’s stock.

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.