Allspring Global Investments Holdings LLC Has $27.32 Million Holdings in Devon Energy Corporation $DVN

Allspring Global Investments Holdings LLC cut its holdings in Devon Energy Corporation (NYSE:DVN) by 1.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 836,782 shares of the energy company’s stock after selling 10,977 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Devon Energy were worth $27,321,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after buying an additional 2,098,568 shares during the last quarter. Victory Capital Management Inc. increased its holdings in Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock worth $430,805,000 after buying an additional 1,315,050 shares during the last quarter. Northern Trust Corp increased its holdings in Devon Energy by 5.1% during the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock worth $245,987,000 after buying an additional 316,460 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after buying an additional 2,252,918 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in Devon Energy by 8.1% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock worth $176,036,000 after buying an additional 354,633 shares during the last quarter. 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 a number of recent analyst reports. UBS Group boosted their target price on shares of Devon Energy from $37.00 to $40.00 and gave the stock a “neutral” rating in a report on Wednesday, August 20th. Evercore ISI boosted their target price on shares of Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a report on Monday, October 6th. Roth Capital started coverage on shares of Devon Energy in a report on Monday. They set a “buy” rating and a $42.00 target price on the stock. Tudor, Pickering, Holt & Co. lifted their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Finally, Jefferies Financial Group lifted their price objective on shares of Devon Energy from $31.00 to $33.00 and gave the stock a “hold” rating in a research report on Monday, July 14th. Seventeen equities research analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.68.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.71% of the company’s stock.

Devon Energy Trading Down 1.8%

DVN stock opened at $32.01 on Friday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The company has a fifty day moving average price of $34.55 and a two-hundred day moving average price of $32.98. Devon Energy Corporation has a one year low of $25.89 and a one year high of $41.06. The stock has a market cap of $20.32 billion, a price-to-earnings ratio of 7.18, a price-to-earnings-growth ratio of 1.95 and a beta of 1.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. Devon Energy’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.41 earnings per share. Equities analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend was Monday, September 15th. Devon Energy’s payout ratio is presently 21.52%.

Devon Energy Profile

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.