Geneos Wealth Management Inc. Increases Position in Devon Energy Corporation $DVN

Geneos Wealth Management Inc. lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 4.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,931 shares of the energy company’s stock after acquiring an additional 465 shares during the quarter. Geneos Wealth Management Inc.’s holdings in Devon Energy were worth $371,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ameriprise Financial Inc. grew its stake in Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after purchasing an additional 2,252,918 shares in the last quarter. Vanguard Group Inc. grew its stake in Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after purchasing an additional 2,098,568 shares in the last quarter. Nuveen LLC acquired a new position in Devon Energy in the first quarter worth about $69,975,000. AQR Capital Management LLC grew its stake in Devon Energy by 100.0% in the first quarter. AQR Capital Management LLC now owns 3,558,362 shares of the energy company’s stock worth $132,051,000 after purchasing an additional 1,779,382 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in Devon Energy by 530.3% in the first quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company’s stock worth $77,323,000 after purchasing an additional 1,739,436 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price target on Devon Energy from $40.00 to $42.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 8th. Wolfe Research lifted their price target on Devon Energy from $47.00 to $49.00 and gave the stock an “outperform” rating in a research note on Monday, June 23rd. Jefferies Financial Group lifted their price target on Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research note on Monday, July 14th. Morgan Stanley lifted their target price on Devon Energy from $46.00 to $49.00 and gave the company an “overweight” rating in a research note on Monday, August 18th. Finally, UBS Group lifted their target price on Devon Energy from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 20th. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.15.

Devon Energy Stock Performance

DVN opened at $34.81 on Monday. The business’s 50 day moving average is $33.91 and its 200-day moving average is $33.12. The stock has a market cap of $22.10 billion, a PE ratio of 7.80, a price-to-earnings-growth ratio of 2.00 and a beta of 1.09. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $43.29.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.41 earnings per share. On average, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy’s dividend payout ratio is 21.52%.

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.73% of the stock is owned by company insiders.

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.