Canada Pension Plan Investment Board bought a new stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor bought 774,926 shares of the energy company’s stock, valued at approximately $32,020,000.
A number of other hedge funds have also recently bought and sold shares of the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the fourth quarter valued at about $25,000. JFS Wealth Advisors LLC increased its stake in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. Garton & Associates Financial Advisors LLC bought a new position in Devon Energy during the fourth quarter valued at about $29,000. MV Capital Management Inc. acquired a new position in Devon Energy in the 4th quarter valued at approximately $29,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new position in Devon Energy in the 2nd quarter valued at approximately $29,000. 69.72% of the stock is owned by institutional investors.
Devon Energy Stock Up 0.6%
NYSE DVN opened at $47.42 on Friday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38. The stock’s 50 day moving average is $44.19 and its two-hundred day moving average is $45.62. 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 Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 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 on Wednesday, June 10th. The stock was 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 in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.58% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of analysts have commented on DVN shares. Raymond James Financial reduced their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 16th. Morgan Stanley cut their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, June 10th. Weiss Ratings lowered shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Finally, Argus restated a “buy” rating and issued a $45.85 price objective on shares of Devon Energy in a research note on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $59.15.
View Our Latest Stock Report on Devon Energy
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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