Deutsche Bank AG raised its holdings in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 34.4% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 7,078,952 shares of the energy company’s stock after buying an additional 1,811,066 shares during the period. Deutsche Bank AG’s holdings in Devon Energy were worth $292,502,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its holdings in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after buying an additional 212,074 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after acquiring an additional 2,071,021 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Devon Energy by 137.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock worth $397,834,000 after acquiring an additional 5,573,172 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after acquiring an additional 235,561 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.
Devon Energy Price Performance
Shares of NYSE:DVN opened at $47.84 on Wednesday. The company’s fifty day moving average is $43.52 and its two-hundred day moving average is $45.30. The company has a market cap of $52.63 billion, a P/E ratio of 11.36 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. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.
Devon Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.
Wall Street Analysts Forecast Growth
DVN has been the subject of several analyst reports. Scotiabank upped their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Argus restated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a report on Monday. Jefferies Financial Group upped their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Finally, Barclays decreased their target price on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.15.
Read Our Latest Analysis on Devon Energy
Insider Buying and Selling
In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.58% of the company’s stock.
Devon Energy Company 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.
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