Devon Energy Corporation $DVN Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp raised its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 519.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 214,246 shares of the energy company’s stock after buying an additional 179,636 shares during the period. Fifth Third Bancorp’s holdings in Devon Energy were worth $10,781,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new position in Devon Energy during the 4th quarter worth approximately $25,000. MV Capital Management Inc. bought a new position in Devon Energy during the 4th quarter valued at $29,000. Garton & Associates Financial Advisors LLC acquired a new position in Devon Energy in the fourth quarter worth about $29,000. Steigerwald Gordon & Koch Inc. grew its position in shares of Devon Energy by 6,666.7% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock worth $41,000 after acquiring an additional 800 shares in the last quarter. Finally, Olistico Wealth LLC bought a new stake in Devon Energy during the fourth quarter valued at $31,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on DVN shares. Susquehanna upped their target price on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a report on Tuesday, April 21st. Capital One Financial reduced their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. Wells Fargo & Company upped their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Weiss Ratings reissued a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Finally, Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Stock Performance

Shares of DVN stock opened at $43.43 on Wednesday. The firm has a market cap of $26.98 billion, a P/E ratio of 12.10 and a beta of 0.38. The stock’s 50-day moving average is $44.53 and its two-hundred day moving average is $43.97. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a fifty-two week low of $31.45 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter last year, the firm earned $0.82 earnings per share. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. Analysts predict that Devon Energy Corporation will post 4.72 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy’s dividend payout ratio is presently 35.65%.

Insider Transactions at Devon Energy

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