Royal Bank of Canada Has $138.27 Million Stock Holdings in Devon Energy Corporation $DVN

Royal Bank of Canada increased its position in shares of Devon Energy Corporation (NYSE:DVN) by 20.5% during the 1st quarter, Holdings Channel reports. The fund owned 2,747,768 shares of the energy company’s stock after buying an additional 468,064 shares during the quarter. Royal Bank of Canada’s holdings in Devon Energy were worth $138,268,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Mizuho boosted their target price on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Jefferies Financial Group boosted their target price on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Morgan Stanley dropped their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $59.56.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 over the last three months. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 0.5%

Shares of DVN stock opened at $44.23 on Friday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a fifty day moving average of $43.68 and a 200-day moving average of $44.63. The company has a market capitalization of $27.48 billion, a price-to-earnings ratio of 12.32 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue was down 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.82 earnings per share. As a group, equities research analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio is presently 35.65%.

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.