Regal Partners Ltd bought a new stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 22,230 shares of the energy company’s stock, valued at approximately $1,119,000.
A number of other institutional investors and hedge funds have also made changes to their positions in DVN. State Street Corp increased its holdings in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC boosted its stake in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its stake in Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP grew its position in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after purchasing an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its position in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction 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 completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by company insiders.
Devon Energy Trading Down 1.0%
Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the business earned $0.82 EPS. Devon Energy’s revenue was down 14.5% compared to the same quarter last year. As a group, equities research analysts expect that Devon Energy Corporation will post 4.64 EPS 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 given a dividend of $0.32 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. Devon Energy’s payout ratio is 35.65%.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company lifted their price target on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Argus increased their price objective on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Roth Capital reaffirmed a “buy” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. Finally, Mizuho boosted their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.56.
Devon Energy Company 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.
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