Royal London Asset Management Ltd. increased its stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 520.1% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 1,684,956 shares of the energy company’s stock after acquiring an additional 1,413,234 shares during the period. Royal London Asset Management Ltd.’s holdings in Devon Energy were worth $69,622,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Tobam raised its stake in shares of Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after purchasing an additional 230 shares during the period. TD Private Client Wealth LLC boosted its stake in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares during the period. Retirement Planning Group LLC boosted its stake in shares of Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock valued at $233,000 after purchasing an additional 243 shares during the period. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. Finally, Catalyst Financial Partners LLC increased its stake in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after buying an additional 254 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.
Analyst Ratings Changes
A number of research firms have weighed in on DVN. Wells Fargo & Company decreased their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Raymond James Financial dropped their target price on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Morgan Stanley reduced their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Citigroup raised their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Finally, Argus reaffirmed a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.
Insiders Place Their Bets
In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by insiders.
Devon Energy Stock Up 0.6%
Shares of Devon Energy stock opened at $47.42 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The firm 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 fifty-two week low of $31.47 and a fifty-two week high of $52.71. The business has a 50-day moving average price of $44.19 and a 200 day moving average price of $45.62.
Devon Energy (NYSE:DVN – Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate 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 last year, the firm earned $0.84 EPS. The business’s revenue was up 73.1% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.
Devon Energy Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.
Devon Energy 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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