HighTower Advisors LLC Grows Position in Devon Energy Corporation $DVN

HighTower Advisors LLC grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 240.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 493,197 shares of the energy company’s stock after purchasing an additional 348,120 shares during the quarter. HighTower Advisors LLC’s holdings in Devon Energy were worth $20,379,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Woodline Partners LP grew its position in Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the period. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy during the 2nd quarter worth about $403,000. Jump Financial LLC grew its position in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after acquiring an additional 10,464 shares during the period. Daiwa Securities Group Inc. increased its stake in shares of Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after purchasing an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC raised its holdings in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. Argus raised their price objective on Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Jefferies Financial Group boosted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. Susquehanna lifted their target price on shares of Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a research report on Tuesday, July 21st. Finally, Wells Fargo & Company reduced their price target on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $45.83 on Friday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The firm has a market capitalization of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm’s 50-day moving average price is $43.40 and its 200 day moving average price is $45.14.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business’s revenue was up 73.1% on a year-over-year basis. During the same period last year, the company posted $0.84 EPS. As a group, sell-side analysts expect that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Devon Energy 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.