First Trust Advisors LP Buys 69,207 Shares of Devon Energy Corporation $DVN

First Trust Advisors LP raised its stake in Devon Energy Corporation (NYSE:DVN) by 4.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,477,037 shares of the energy company’s stock after purchasing an additional 69,207 shares during the quarter. First Trust Advisors LP’s holdings in Devon Energy were worth $51,785,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Caldwell Trust Co bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $25,000. PFS Partners LLC bought a new position in shares of Devon Energy in the third quarter valued at $25,000. First Horizon Corp bought a new position in shares of Devon Energy in the third quarter valued at $26,000. Accredited Wealth Management LLC increased its holdings in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after buying an additional 308 shares during the last quarter. Finally, ORG Partners LLC raised its position in Devon Energy by 65.7% during the third quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock worth $31,000 after acquiring an additional 352 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent analyst reports. TD Cowen upgraded shares of Devon Energy to a “hold” rating in a research note on Monday, February 9th. UBS Group upped their target price on shares of Devon Energy from $50.00 to $55.00 and gave the company a “buy” rating in a report on Thursday, March 5th. Mizuho set a $51.00 target price on shares of Devon Energy in a research note on Tuesday, February 3rd. Susquehanna lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a “positive” rating in a report on Friday, February 20th. Finally, Zacks Research raised Devon Energy from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Twenty-three equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.54.

Devon Energy Stock Performance

NYSE:DVN opened at $45.35 on Thursday. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $46.15. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. The stock has a market cap of $28.12 billion, a P/E ratio of 10.88, a PEG ratio of 4.42 and a beta of 0.56. The stock has a 50 day simple moving average of $40.93 and a 200 day simple moving average of $37.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The business had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. Devon Energy’s revenue was down 6.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.10 earnings per share. Research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $0.96 annualized dividend and a yield of 2.1%. Devon Energy’s payout ratio is currently 23.02%.

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.