Devon Energy Corporation $DVN Stock Holdings Lifted by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. boosted its stake in Devon Energy Corporation (NYSE:DVN) by 229.6% in the third quarter, Holdings Channel reports. The firm owned 680,720 shares of the energy company’s stock after purchasing an additional 474,219 shares during the quarter. Jefferies Financial Group Inc.’s holdings in Devon Energy were worth $31,340,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. grew its stake in Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares in the last quarter. State Street Corp increased its holdings in Devon Energy by 89.8% in the 2nd quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after buying an additional 34,615,088 shares during the period. Wellington Management Group LLP raised its position in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after buying an additional 41,581,435 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after buying an additional 235,561 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Devon Energy in the 2nd quarter valued at approximately $421,226,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, EVP Robert Ferrall Lowe III sold 6,756 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the sale, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Clay Gaspar bought 3,913 shares of the firm’s stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of recent analyst reports. Seaport Research Partners initiated coverage on shares of Devon Energy in a report on Thursday, September 3rd. They set a “buy” rating and a $65.00 price target for the company. UBS Group lowered their price objective on shares of Devon Energy from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on Devon Energy from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Monday. Morgan Stanley decreased their price target on Devon Energy from $65.00 to $64.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Susquehanna lowered their price target on Devon Energy from $63.00 to $60.00 and set a “positive” rating for the company in a report on Monday. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.49.

Devon Energy Trading Up 3.6%

DVN opened at $44.95 on Thursday. The company’s 50 day moving average is $48.36 and its 200-day moving average is $46.12. Devon Energy Corporation has a 1-year low of $34.23 and a 1-year high of $52.71. The company has a current ratio of 0.70, a quick ratio of 0.65 and a debt-to-equity ratio of 0.23. The company has a market cap of $51.24 billion, a P/E ratio of 11.24, a PEG ratio of 1.11 and a beta of 0.43.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Thursday, November 5th. The energy company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.09. The company had revenue of $6.86 billion for the quarter, compared to analyst estimates of $6.57 billion. Devon Energy had a net margin of 16.22% and a return on equity of 14.86%. The firm’s revenue was up 66.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.04 EPS. Equities research analysts predict that Devon Energy Corporation will post 5.57 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 30th. Investors of record on Tuesday, December 15th will be paid a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, December 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy’s dividend payout ratio is presently 32.00%.

About Devon Energy

Devon Energy Corporation is an independent energy company focused on exploring for and producing oil, natural gas and natural gas liquids. Its activities include developing and operating producing properties and managing the infrastructure needed to bring its products to market. Founded in 1971, Devon is headquartered in Oklahoma City. Its operations are concentrated in U.S. onshore basins, including the Delaware Basin, Eagle Ford, Anadarko, Williston and Powder River basins. The company’s portfolio has evolved through acquisitions and asset sales over its history.