Devon Energy Co. (NYSE:DVN) Shares Purchased by Advisors Asset Management Inc.

Advisors Asset Management Inc. boosted its holdings in Devon Energy Co. (NYSE:DVN) by 16.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 152,700 shares of the energy company’s stock after purchasing an additional 21,283 shares during the quarter. Advisors Asset Management Inc.’s holdings in Devon Energy were worth $7,662,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Mutual Advisors LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at $363,000. CVA Family Office LLC acquired a new position in shares of Devon Energy during the fourth quarter valued at $141,000. PFG Investments LLC boosted its holdings in shares of Devon Energy by 6.9% during the fourth quarter. PFG Investments LLC now owns 12,917 shares of the energy company’s stock valued at $585,000 after acquiring an additional 837 shares during the period. Deane Retirement Strategies Inc. acquired a new position in shares of Devon Energy during the fourth quarter valued at $3,826,000. Finally, Kaizen Financial Strategies acquired a new position in shares of Devon Energy during the fourth quarter valued at $272,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DVN. Wolfe Research began coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a “peer perform” rating for the company. Mizuho boosted their price target on shares of Devon Energy from $57.00 to $61.00 and gave the company a “buy” rating in a report on Monday, May 13th. Morgan Stanley upped their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Bank of America reaffirmed a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a report on Friday, June 14th. Finally, Scotiabank reduced their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a report on Friday, July 12th. Six analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $59.13.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.73% of the company’s stock.

Devon Energy Price Performance

NYSE DVN traded up $0.07 on Friday, reaching $46.35. The company’s stock had a trading volume of 4,326,084 shares, compared to its average volume of 7,183,758. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The stock has a market cap of $29.29 billion, a PE ratio of 8.83, a PEG ratio of 0.76 and a beta of 2.07. The firm’s 50 day moving average is $47.26 and its two-hundred day moving average is $47.10.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period in the prior year, the firm earned $1.46 earnings per share. The business’s quarterly revenue was down 5.9% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy Co. will post 5.39 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio is presently 16.79%.

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.