Devon Energy Corporation (NYSE:DVN) Shares Purchased by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 9.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 308,941 shares of the energy company’s stock after purchasing an additional 25,631 shares during the quarter. Envestnet Asset Management Inc.’s holdings in Devon Energy were worth $11,554,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Resona Asset Management Co. Ltd. bought a new stake in Devon Energy during the fourth quarter worth approximately $5,967,000. Cantor Fitzgerald Investment Advisors L.P. lifted its stake in Devon Energy by 10.8% in the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company’s stock valued at $10,210,000 after acquiring an additional 26,519 shares in the last quarter. Merit Financial Group LLC increased its holdings in shares of Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company’s stock worth $848,000 after acquiring an additional 15,351 shares during the last quarter. Aviva PLC lifted its position in shares of Devon Energy by 767.3% during 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 period. Finally, Autumn Glory Partners LLC lifted its position in shares of Devon Energy by 93.6% during the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company’s stock worth $1,547,000 after buying an additional 20,000 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Trading Up 0.2%

Shares of DVN opened at $32.84 on Friday. The stock has a market cap of $21.09 billion, a price-to-earnings ratio of 7.48, a price-to-earnings-growth ratio of 2.45 and a beta of 1.02. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $47.51. The firm has a 50 day simple moving average of $32.82 and a 200-day simple moving average of $33.55.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion for 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 business’s revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.16 EPS. Equities analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy’s dividend payout ratio is presently 21.87%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. Wolfe Research raised their target price on Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Monday, June 23rd. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating for the company in a report on Friday, April 4th. Royal Bank Of Canada cut their price objective on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a report on Monday, April 14th. Piper Sandler restated an “overweight” rating and issued a $58.00 price objective (up from $53.00) on shares of Devon Energy in a research report on Thursday. Finally, Bank of America reduced their price objective on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, April 29th. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.67.

Devon Energy 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.