Advisory Services Network LLC Has $2.21 Million Position in Devon Energy Co. (NYSE:DVN)

Advisory Services Network LLC lowered its stake in Devon Energy Co. (NYSE:DVNGet Rating) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 37,439 shares of the energy company’s stock after selling 929 shares during the period. Advisory Services Network LLC’s holdings in Devon Energy were worth $2,214,000 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 DVN. 1832 Asset Management L.P. boosted its stake in Devon Energy by 101.4% in the fourth quarter. 1832 Asset Management L.P. now owns 5,346,149 shares of the energy company’s stock valued at $235,861,000 after acquiring an additional 2,691,049 shares during the last quarter. Boston Partners boosted its stake in Devon Energy by 36.6% in the first quarter. Boston Partners now owns 7,774,464 shares of the energy company’s stock valued at $459,821,000 after acquiring an additional 2,083,360 shares during the last quarter. Bank of Montreal Can boosted its stake in Devon Energy by 276.7% in the first quarter. Bank of Montreal Can now owns 2,373,320 shares of the energy company’s stock valued at $143,776,000 after acquiring an additional 1,743,220 shares during the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Devon Energy in the first quarter valued at approximately $85,234,000. Finally, First Trust Advisors LP boosted its stake in Devon Energy by 79.4% in the first quarter. First Trust Advisors LP now owns 3,206,111 shares of the energy company’s stock valued at $189,577,000 after acquiring an additional 1,419,322 shares during the last quarter. 79.19% of the stock is owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN opened at $66.82 on Friday. The firm has a market cap of $43.75 billion, a PE ratio of 8.48, a PEG ratio of 0.13 and a beta of 2.47. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt-to-equity ratio of 0.63. Devon Energy Co. has a 1-year low of $27.40 and a 1-year high of $79.40. The company has a fifty day moving average price of $63.43 and a 200 day moving average price of $63.18.

Devon Energy (NYSE:DVNGet Rating) last issued its quarterly earnings results on Monday, August 1st. The energy company reported $2.59 EPS for the quarter, topping the consensus estimate of $2.38 by $0.21. Devon Energy had a net margin of 30.65% and a return on equity of 48.58%. The firm had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $4.77 billion. During the same period in the previous year, the firm posted $0.60 EPS. The company’s revenue for the quarter was up 132.8% on a year-over-year basis. Research analysts predict that Devon Energy Co. will post 9.33 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Monday, September 12th will be given a dividend of $1.55 per share. The ex-dividend date of this dividend is Friday, September 9th. This is a boost from Devon Energy’s previous quarterly dividend of $1.27. This represents a $6.20 annualized dividend and a yield of 9.28%. Devon Energy’s payout ratio is 9.14%.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Bank of America reduced their price objective on shares of Devon Energy from $80.00 to $66.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 19th. Stifel Nicolaus lifted their price target on shares of Devon Energy from $88.00 to $93.00 in a research report on Thursday, June 9th. StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, August 3rd. The Goldman Sachs Group reduced their price target on shares of Devon Energy from $70.00 to $61.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 5th. Finally, Morgan Stanley lifted their price target on shares of Devon Energy from $67.00 to $69.00 and gave the stock an “equal weight” rating in a research report on Monday, August 29th. Eight equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $75.94.

Insiders Place Their Bets

In other Devon Energy news, EVP Dennis C. Cameron sold 4,537 shares of the business’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $53.55, for a total transaction of $242,956.35. Following the sale, the executive vice president now directly owns 270,269 shares of the company’s stock, valued at approximately $14,472,904.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 0.80% of the company’s stock.

About Devon Energy

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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