Royal Bank of Canada Acquires 468,064 Shares of Devon Energy Corporation $DVN

Royal Bank of Canada boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 20.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,747,768 shares of the energy company’s stock after purchasing an additional 468,064 shares during the period. Royal Bank of Canada owned 0.44% of Devon Energy worth $138,268,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the fourth quarter valued at $25,000. MV Capital Management Inc. bought a new position in shares of Devon Energy in the fourth quarter valued at about $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy in the fourth quarter valued at about $29,000. Elyxium Wealth LLC acquired a new position in Devon Energy during the 4th quarter worth about $31,000. Finally, DV Equities LLC acquired a new position in Devon Energy during the 4th quarter worth about $32,000. Institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective 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. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Royal Bank Of Canada increased their price target on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Mizuho raised their price target on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Argus boosted their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $44.23 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The stock has a market capitalization of $27.48 billion, a P/E ratio of 12.32 and a beta of 0.38. The business has a 50-day moving average price of $43.68 and a two-hundred day moving average price of $44.63.

Devon Energy (NYSE:DVN) last issued its 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). 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 the consensus estimate of $4.34 billion. During the same period last year, the business posted $0.82 EPS. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s payout ratio is 35.65%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, 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 transaction 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 approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction on 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 sale, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently 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.