Principal Financial Group Inc. boosted its stake in Devon Energy Corporation (NYSE:DVN – Free Report) by 75.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,341,000 shares of the energy company’s stock after purchasing an additional 578,197 shares during the quarter. Principal Financial Group Inc.’s holdings in Devon Energy were worth $55,410,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. LSV Asset Management lifted its holdings in shares of Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after acquiring an additional 354,500 shares during the period. Morningstar Investment Management LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $2,089,000. Kimmeridge Energy Management Company LLC lifted its stake in Devon Energy by 56.5% during the fourth 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. Illinois Municipal Retirement Fund boosted its holdings in shares of Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after purchasing an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC boosted its holdings in shares of Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after purchasing an additional 80,000 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.
Analysts Set New Price Targets
Several analysts recently weighed in on DVN shares. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Wolfe Research set a $67.00 target price on Devon Energy and gave the company an “outperform” rating in a research report on Monday, June 22nd. JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Finally, Capital One Financial decreased their price target 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $59.60.
Devon Energy Trading Up 3.2%
Shares of Devon Energy stock opened at $45.83 on Friday. The company has a market capitalization of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. The stock has a fifty day simple moving average of $43.40 and a 200 day simple moving average of $45.14. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.84 EPS. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.
Devon Energy Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio is currently 30.40%.
Insider Activity
In other news, SVP Andrea Alexander sold 18,000 shares of the firm’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 value of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.
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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