First Trust Advisors LP Has $51.79 Million Stock Position in Devon Energy Corporation $DVN

First Trust Advisors LP lifted its position in Devon Energy Corporation (NYSE:DVN) by 4.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,477,037 shares of the energy company’s stock after buying an additional 69,207 shares during the period. First Trust Advisors LP owned about 0.24% of Devon Energy worth $51,785,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DVN. Caldwell Trust Co acquired a new position in Devon Energy in the second quarter valued at about $25,000. PFS Partners LLC acquired a new stake in shares of Devon Energy during the third quarter worth about $25,000. First Horizon Corp acquired a new stake in shares of Devon Energy during the third quarter worth about $26,000. Accredited Wealth Management LLC lifted its holdings in shares of Devon Energy by 61.6% during the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. Finally, ORG Partners LLC lifted its holdings in shares of Devon Energy by 65.7% during the 3rd quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock valued at $31,000 after purchasing an additional 352 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on DVN shares. The Goldman Sachs Group increased their target price on Devon Energy from $40.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Roth Mkm reaffirmed a “buy” rating and issued a $50.00 price target on shares of Devon Energy in a research note on Thursday, February 19th. Sanford C. Bernstein lowered their price objective on shares of Devon Energy from $48.00 to $42.00 and set an “outperform” rating for the company in a research report on Monday, January 5th. Siebert Williams Shank raised their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “buy” rating in a report on Monday, January 26th. Finally, Mizuho set a $51.00 price objective on shares of Devon Energy in a research report on Tuesday, February 3rd. Twenty-three investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.54.

Devon Energy Trading Up 3.8%

NYSE DVN opened at $45.35 on Thursday. The stock has a market capitalization of $28.12 billion, a price-to-earnings ratio of 10.88, a PEG ratio of 4.42 and a beta of 0.56. The stock’s 50 day moving average price is $40.93 and its two-hundred day moving average price is $37.09. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $46.15.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.81 by $0.01. The company 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%. The firm’s revenue was down 6.4% compared to the same quarter last year. During the same period last year, the company earned $1.10 earnings per share. As a group, analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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

About Devon Energy

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.