Envestnet Portfolio Solutions Inc. Buys Shares of 10,284 Devon Energy Corporation (NYSE:DVN)

Envestnet Portfolio Solutions Inc. bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 10,284 shares of the energy company’s stock, valued at approximately $385,000.

Other large investors also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. bought a new stake in shares of Devon Energy in the 4th quarter valued at about $5,967,000. Merit Financial Group LLC increased its stake in shares of Devon Energy by 209.5% in the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock valued at $848,000 after acquiring an additional 15,351 shares during the last quarter. Aviva PLC increased its stake in shares of Devon Energy by 767.3% in the 4th quarter. Aviva PLC now owns 376,999 shares of the energy company’s stock valued at $12,339,000 after acquiring an additional 333,530 shares during the last quarter. Ninepoint Partners LP increased its stake in shares of Devon Energy by 12.5% in the 4th quarter. Ninepoint Partners LP now owns 450,000 shares of the energy company’s stock valued at $14,728,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Amundi increased its stake in Devon Energy by 2.3% during the 4th quarter. Amundi now owns 2,220,879 shares of the energy company’s stock worth $78,064,000 after purchasing an additional 50,301 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on DVN shares. Wells Fargo & Company lowered their target price on Devon Energy from $46.00 to $41.00 and set an “overweight” rating for the company in a research note on Monday, June 16th. Susquehanna lowered their target price on Devon Energy from $52.00 to $41.00 and set a “positive” rating for the company in a research note on Tuesday, April 22nd. UBS Group lowered their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. Barclays increased their target price on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Morgan Stanley increased their target price on Devon Energy from $42.00 to $44.00 and gave the stock an “overweight” rating in a research note on Friday, May 23rd. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

Devon Energy Trading Down 0.7%

NYSE DVN opened at $32.26 on Friday. The company has a market cap of $20.71 billion, a PE ratio of 7.35, a PEG ratio of 2.40 and a beta of 1.02. The company has a current ratio of 1.08, a quick ratio of 0.99 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35. The stock has a 50 day moving average of $32.21 and a 200-day moving average of $33.42.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same period in the previous year, the company posted $1.16 EPS. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.98%. The ex-dividend date is Friday, June 13th. Devon Energy’s payout ratio is presently 21.87%.

Devon Energy Company Profile

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.