Aventail Capital Group LP increased its stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 80.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 985,035 shares of the energy company’s stock after buying an additional 440,282 shares during the period. Devon Energy comprises 2.1% of Aventail Capital Group LP’s portfolio, making the stock its 13th largest holding. Aventail Capital Group LP’s holdings in Devon Energy were worth $36,082,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC acquired a new position in Devon Energy during the fourth quarter worth about $9,931,000. Investors Research Corp raised its position in Devon Energy by 13,787.5% during the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock worth $1,017,000 after acquiring an additional 27,575 shares during the last quarter. Philip James Wealth Mangement LLC raised its position in Devon Energy by 43.8% during the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after acquiring an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy during the fourth quarter worth about $2,089,000. Finally, Victory Capital Management Inc. raised its position in Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock worth $415,319,000 after acquiring an additional 560,652 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.
Insider Activity
In other news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last 90 days. Insiders own 4.58% of the company’s stock.
Devon Energy Stock Performance
Devon Energy (NYSE:DVN – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s quarterly revenue was down 14.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.82 EPS. On average, equities analysts expect that Devon Energy Corporation will post 4.97 EPS for the current year.
Devon Energy Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.
Analysts Set New Price Targets
A number of brokerages have issued reports on DVN. Wolfe Research lifted their target price on shares of Devon Energy from $64.00 to $65.00 and gave the stock an “outperform” rating in a research report on Monday, April 6th. TD Cowen lifted their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, March 17th. Capital One Financial cut their target price on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. Raymond James Financial cut their target price on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating for the company in a research report on Monday. Finally, Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $58.44.
Check Out Our Latest Stock Report on DVN
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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