Advisor Resource Council Acquires Shares of 6,761 Devon Energy Corporation (NYSE:DVN)

Advisor Resource Council acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,761 shares of the energy company’s stock, valued at approximately $253,000.

A number of other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in shares of Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after purchasing an additional 3,114,656 shares during the period. Victory Capital Management Inc. increased its position in Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after purchasing an additional 232,469 shares during the period. Finally, Invesco Ltd. increased its position in Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. Bank of America dropped their target price on Devon Energy from $52.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, April 29th. Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $46.00 to $41.00 and set an “overweight” rating on the stock in a report on Monday, June 16th. Mizuho decreased their price objective on shares of Devon Energy from $46.00 to $43.00 and set an “outperform” rating on the stock in a report on Tuesday, May 13th. Finally, The Goldman Sachs Group boosted their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 15th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.50.

Devon Energy Price Performance

Devon Energy stock opened at $32.84 on Tuesday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $49.35. The stock has a market capitalization of $21.09 billion, a P/E ratio of 7.48, a P/E/G ratio of 2.56 and a beta of 1.02. The firm’s 50-day moving average is $31.99 and its two-hundred day moving average is $33.48. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing the consensus estimate of $1.27 by ($0.06). The business had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business’s revenue for the quarter was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.16 earnings per share. Equities analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date is Friday, June 13th. This represents a $0.96 annualized dividend and a yield of 2.92%. Devon Energy’s payout ratio is currently 21.87%.

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.