United Capital Financial Advisors LLC Buys Shares of 50,228 Devon Energy Corporation $DVN

United Capital Financial Advisors LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 50,228 shares of the energy company’s stock, valued at approximately $2,075,000.

A number of other large investors also recently modified their holdings of the business. Woodline Partners LP grew its position in shares of Devon Energy by 98.8% during the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new position in Devon Energy in the second quarter worth about $403,000. Jump Financial LLC lifted its holdings in Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after acquiring an additional 22,482 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Up 0.6%

DVN opened at $47.42 on Friday. The stock’s 50 day moving average price is $44.19 and its 200 day moving average price is $45.62. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock has a market cap of $52.16 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

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

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.7%. Devon Energy’s dividend payout ratio is presently 30.40%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Wells Fargo & Company dropped their price target on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Susquehanna upped their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Mizuho increased their target price on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Raymond James Financial cut their target price on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research note on Thursday, July 16th. Finally, Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Insiders Place Their Bets

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

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.