Pacific Heights Asset Management LLC Acquires 100,000 Shares of Devon Energy Corporation $DVN

Pacific Heights Asset Management LLC lifted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 25.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 500,000 shares of the energy company’s stock after acquiring an additional 100,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in Devon Energy were worth $15,905,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in DVN. Opal Wealth Advisors LLC bought a new stake in Devon Energy in the 2nd quarter worth about $25,000. Financial Gravity Asset Management Inc. bought a new stake in Devon Energy in the 1st quarter worth about $26,000. Banque Cantonale Vaudoise bought a new stake in Devon Energy in the 1st quarter worth about $26,000. Trust Co. of Vermont grew its position in Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after purchasing an additional 666 shares in the last quarter. Finally, FNY Investment Advisers LLC bought a new stake in Devon Energy in the 2nd quarter worth about $34,000. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Thursday, October 9th. BMO Capital Markets upped their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. Mizuho reduced their price objective on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Monday, September 15th. Bernstein Bank reduced their target price on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Monday, July 7th. Finally, William Blair started coverage on shares of Devon Energy in a research report on Monday, August 25th. They set an “outperform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $43.14.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the firm’s stock in a transaction that occurred on 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 transaction, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.73% of the company’s stock.

Devon Energy Stock Up 0.4%

Devon Energy stock opened at $32.07 on Wednesday. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $40.54. The firm has a 50 day moving average price of $34.48 and a 200-day moving average price of $32.92. The company has a market capitalization of $20.36 billion, a P/E ratio of 7.19, a P/E/G ratio of 1.88 and a beta of 1.03. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm earned $1.41 EPS. The company’s revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 15th were issued a $0.24 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 3.0%. Devon Energy’s dividend payout ratio (DPR) is 21.52%.

Devon Energy Company 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.