Charles Schwab Investment Management Inc. Has $160.34 Million Position in Devon Energy Co. (NYSE:DVN)

Charles Schwab Investment Management Inc. raised its stake in Devon Energy Co. (NYSE:DVN) by 3.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,539,574 shares of the energy company’s stock after acquiring an additional 123,158 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.55% of Devon Energy worth $160,338,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Brown Advisory Inc. lifted its holdings in shares of Devon Energy by 77.2% during the 3rd quarter. Brown Advisory Inc. now owns 8,316 shares of the energy company’s stock worth $397,000 after acquiring an additional 3,622 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Devon Energy by 20.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 133,594 shares of the energy company’s stock worth $6,372,000 after purchasing an additional 22,517 shares during the last quarter. Mackenzie Financial Corp increased its stake in shares of Devon Energy by 21.8% in the 3rd quarter. Mackenzie Financial Corp now owns 212,577 shares of the energy company’s stock valued at $9,725,000 after purchasing an additional 37,978 shares during the last quarter. Park Avenue Securities LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth $334,000. Finally, Graypoint LLC lifted its position in shares of Devon Energy by 22.9% during the 3rd quarter. Graypoint LLC now owns 6,373 shares of the energy company’s stock worth $304,000 after buying an additional 1,187 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Raymond James dropped their target price on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Wells Fargo & Company upgraded shares of Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $46.00 to $59.00 in a research report on Monday, April 1st. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. Barclays began coverage on Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Finally, Scotiabank upped their target price on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.56.

Devon Energy Price Performance

Shares of DVN opened at $50.85 on Friday. The firm has a market cap of $32.14 billion, a PE ratio of 9.70 and a beta of 2.16. Devon Energy Co. has a 52-week low of $40.47 and a 52-week 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 business’s 50 day moving average price is $50.16 and its two-hundred day moving average price is $46.35.

Devon Energy (NYSE:DVN) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s revenue was down 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 earnings per share. On average, equities analysts anticipate that Devon Energy Co. will post 5.24 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.22 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a yield of 1.73%. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Insider Activity

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.63% of the company’s stock.

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.