Keeler Thomas Management LLC increased its position in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 365.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 121,064 shares of the energy company’s stock after purchasing an additional 95,028 shares during the period. Devon Energy comprises approximately 1.8% of Keeler Thomas Management LLC’s holdings, making the stock its 11th largest position. Keeler Thomas Management LLC’s holdings in Devon Energy were worth $5,002,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP lifted its holdings in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after buying an additional 41,581,435 shares during the period. BlackRock Inc. grew its holdings in Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. Bank of America Corp DE acquired a new position in Devon Energy during the second quarter worth $421,226,000. GQG Partners LLC purchased a new position in Devon Energy in the second quarter worth $402,558,000. Finally, Pacer Advisors Inc. raised its position in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.
Devon Energy Stock Up 2.6%
Devon Energy stock opened at $48.58 on Tuesday. 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 $53.44 billion, a price-to-earnings ratio of 11.54, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock’s fifty day moving average is $44.31 and its two-hundred day moving average is $45.67.
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 issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.
Insiders Place Their Bets
In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated 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 owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.58% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on DVN shares. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Barclays cut their price target on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a report on Monday, August 17th. Morgan Stanley reduced their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. UBS Group decreased their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Finally, Susquehanna upped their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Two research 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 a consensus rating of “Moderate Buy” and an average price target of $59.23.
Read Our Latest Analysis on Devon Energy
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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