UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stake in Devon Energy Corporation $DVN

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Devon Energy Corporation (NYSE:DVN) by 119.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,255,554 shares of the energy company’s stock after purchasing an additional 3,942,368 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Devon Energy were worth $299,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after acquiring an additional 245 shares during the last quarter. Parvin Asset Management LLC bought a new stake in shares of Devon Energy during the 2nd quarter worth approximately $28,000. MV Capital Management Inc. purchased a new position in Devon Energy during the 4th quarter valued at $29,000. Finally, KERR FINANCIAL PLANNING Corp purchased a new position in Devon Energy during the 2nd quarter valued at $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.58% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. Citigroup upped their price objective on Devon Energy from $65.00 to $67.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company lowered their target price on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Truist Financial upped their price target on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a research note on Wednesday, June 10th. Finally, Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $59.23.

Devon Energy Price Performance

Shares of DVN stock opened at $48.58 on Tuesday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock has a fifty day simple moving average of $44.31 and a two-hundred day simple moving average of $45.67. The stock has a market capitalization of $53.44 billion, a price-to-earnings ratio of 11.54, a P/E/G ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 earnings per share. On average, analysts predict that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is presently 30.40%.

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.