Pingora Partners LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 110,705 shares of the energy company’s stock, valued at approximately $4,574,000. Devon Energy comprises about 2.7% of Pingora Partners LLC’s investment portfolio, making the stock its 4th largest holding.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in DVN. LSV Asset Management lifted its position in shares of Devon Energy by 79.6% in the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after purchasing an additional 354,500 shares during the period. Morningstar Investment Management LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $2,089,000. Kimmeridge Energy Management Company LLC increased its holdings 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 valued at $324,204,000 after buying an additional 3,195,862 shares during the period. Illinois Municipal Retirement Fund raised its stake in Devon Energy by 15.5% in the first quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after buying an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC raised its stake in Devon Energy by 20.0% in the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after buying an additional 80,000 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have weighed in on the company. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. cut their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Wells Fargo & Company decreased their price objective on Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Finally, Barclays dropped their price objective on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Two 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.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.15.
Devon Energy Trading Down 0.2%
NYSE:DVN opened at $46.82 on Thursday. The stock has a market capitalization of $51.50 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.29 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. 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 50 day moving average of $43.99 and a 200 day moving average of $45.59.
Devon Energy (NYSE:DVN – Get Free Report) last released its quarterly 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%. The business’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.84 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.
Devon Energy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.
Insider Transactions at Devon Energy
In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated 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 approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.58% of the stock is owned by corporate insiders.
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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