Kestra Advisory Services LLC Increases Position in Devon Energy Corporation $DVN

Kestra Advisory Services LLC increased its holdings in Devon Energy Corporation (NYSE:DVN) by 20.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 119,953 shares of the energy company’s stock after acquiring an additional 20,727 shares during the period. Kestra Advisory Services LLC’s holdings in Devon Energy were worth $6,036,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. State Street Corp boosted its position in Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC increased its position 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 valued at $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Victory Capital Management Inc. increased its position 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 valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Kimmeridge Energy Management Company LLC raised its stake in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the period. Finally, AQR Capital Management LLC raised its stake in shares of Devon Energy by 29.3% during the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock worth $288,306,000 after purchasing an additional 1,862,720 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.93 on Thursday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $26.68 billion, a PE ratio of 11.96 and a beta of 0.38. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The company has a 50-day moving average price of $44.46 and a two-hundred day moving average price of $44.02.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.82 EPS. Equities analysts forecast that Devon Energy Corporation will post 4.71 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Citigroup lifted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Sanford C. Bernstein boosted their target price on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Capital One Financial reduced their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. Finally, UBS Group decreased their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.40.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the transaction, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock valued at $5,258,059 in the last 90 days. 4.58% of the stock is currently owned by company insiders.

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.