Leeward Investments LLC MA raised its position in Devon Energy Corporation (NYSE:DVN – Free Report) by 6.9% during the third quarter, according to its most recent filing with the SEC. The firm owned 224,644 shares of the energy company’s stock after purchasing an additional 14,510 shares during the period. Leeward Investments LLC MA’s holdings in Devon Energy were worth $10,343,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of DVN. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares during the period. State Street Corp raised its stake in Devon Energy by 89.8% during the second quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock worth $3,023,767,000 after buying an additional 34,615,088 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after buying an additional 41,581,435 shares during the period. Bank of America Corp DE acquired a new position in Devon Energy in the second quarter valued at $421,226,000. Finally, GQG Partners LLC acquired a new position in Devon Energy in the second quarter valued at $402,558,000. 69.72% of the stock is owned by institutional investors.
Insider Activity
In other news, CEO Clay M. Gaspar bought 3,913 shares of Devon Energy stock in a transaction dated Monday, September 14th. The stock was bought at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer directly owned 619,152 shares in the company, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the completion of the sale, the executive vice president directly owned 72,720 shares of the company’s stock, valued at $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 4.58% of the stock is currently owned by corporate insiders.
Devon Energy Stock Down 0.1%
Devon Energy stock opened at $51.34 on Monday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 12-month low of $31.65 and a 12-month high of $52.71. The firm’s fifty day moving average is $48.58 and its 200 day moving average is $46.31. The company has a market capitalization of $56.48 billion, a PE ratio of 12.20, a PEG ratio of 1.34 and a beta of 0.49.
Devon Energy (NYSE:DVN – Get Free Report) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s revenue was up 73.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.84 earnings per share. As a group, sell-side analysts predict that Devon Energy Corporation will post 5.49 EPS for the current fiscal year.
Devon Energy Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a dividend of $0.32 per share. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.5%. Devon Energy’s dividend payout ratio is currently 30.40%.
Analysts Set New Price Targets
A number of analysts have commented on the stock. Argus reaffirmed a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Mizuho dropped their price objective on Devon Energy from $68.00 to $65.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. UBS Group upped their target price on Devon Energy from $63.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, October 7th. Raymond James Financial raised their target price on Devon Energy from $64.00 to $67.00 and gave the stock a “strong-buy” rating in a research note on Monday, September 14th. Finally, Citigroup lifted their target price on Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.72.
Get Our Latest Stock Report on DVN
Devon Energy Company Profile
Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.
Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.
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