BTG Pactual Asset Management US LLC acquired a new position in Devon Energy Corporation (NYSE:DVN – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 71,765 shares of the energy company’s stock, valued at approximately $2,965,000.
Several other institutional investors have also modified their holdings of DVN. Wellington Management Group LLP grew its holdings in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares during the period. BlackRock Inc. lifted its holdings in Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the last quarter. Bank of America Corp DE bought a new position in shares of Devon Energy during the 2nd quarter valued at about $421,226,000. GQG Partners LLC bought a new position in shares of Devon Energy during the 2nd quarter valued at about $402,558,000. Finally, Pacer Advisors Inc. grew its stake in shares of Devon Energy by 2,108.0% in the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.
Analyst Ratings Changes
A number of analysts recently commented on the stock. Citigroup boosted their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. UBS Group cut their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Susquehanna raised their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, June 10th. Finally, Wells Fargo & Company cut their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.
Devon Energy Trading Up 0.1%
Devon Energy stock opened at $47.42 on Monday. The company has a 50 day moving average price of $44.19 and a 200 day moving average price of $45.64. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38.
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.Devon Energy’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.84 earnings per share. Research analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current year.
Devon Energy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid 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 payout ratio is 30.40%.
Insiders Place Their Bets
In other news, SVP Andrea Alexander sold 18,000 shares of the company’s 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 transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by company insiders.
About Devon Energy
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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