1832 Asset Management L.P. Increases Stock Position in Devon Energy Corporation $DVN

Key Points

• 1832 Asset Management L.P. increased its holdings in Devon Energy Corporation by 9.7%, acquiring an additional 24,635 shares, bringing their total to 277,726 shares valued at approximately $10.39 million.
• Devon Energy recently declared a quarterly dividend of $0.24 per share, representing an annualized yield of 2.7% and a payout ratio of 21.52%.
• DVN stock has seen a recent increase of 3.6% and is currently trading around $35.13, with a 12-month price range of $25.89 to $46.04.

1832 Asset Management L.P. raised its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 9.7% during the first quarter, according to its most recent filing with the SEC. The firm owned 277,726 shares of the energy company's stock after purchasing an additional 24,635 shares during the period. 1832 Asset Management L.P.'s holdings in Devon Energy were worth $10,387,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. MML Investors Services LLC lifted its holdings in Devon Energy by 144.3% in the fourth quarter. MML Investors Services LLC now owns 43,122 shares of the energy company's stock valued at $1,411,000 after buying an additional 25,473 shares during the period. Nebula Research & Development LLC bought a new position in shares of Devon Energy in the 4th quarter worth about $444,000. Two Sigma Securities LLC lifted its stake in shares of Devon Energy by 1,989.0% in the 4th quarter. Two Sigma Securities LLC now owns 22,582 shares of the energy company's stock valued at $739,000 after purchasing an additional 21,501 shares during the period. Coldstream Capital Management Inc. boosted its position in shares of Devon Energy by 21.7% during the 4th quarter. Coldstream Capital Management Inc. now owns 23,094 shares of the energy company's stock valued at $756,000 after purchasing an additional 4,116 shares in the last quarter. Finally, Virtus ETF Advisers LLC boosted its position in shares of Devon Energy by 22.1% during the 4th quarter. Virtus ETF Advisers LLC now owns 4,336 shares of the energy company's stock valued at $142,000 after purchasing an additional 786 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wolfe Research lifted their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Barclays lifted their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Mizuho cut their target price on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. William Blair began coverage on shares of Devon Energy in a report on Monday. They issued an "outperform" rating for the company. Finally, Siebert Williams Shank upped their price objective on shares of Devon Energy from $47.00 to $52.00 and gave the company a "buy" rating in a report on Monday, June 23rd. Sixteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $44.15.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.71% of the stock is owned by corporate insiders.

Devon Energy Stock Up 0.9%

Shares of Devon Energy stock traded up $0.31 during trading hours on Thursday, reaching $35.87. The company's stock had a trading volume of 4,918,177 shares, compared to its average volume of 8,893,365. Devon Energy Corporation has a one year low of $25.89 and a one year high of $45.34. The company has a market capitalization of $22.77 billion, a P/E ratio of 8.04, a P/E/G ratio of 2.03 and a beta of 1.07. The stock's fifty day simple moving average is $33.31 and its two-hundred day simple moving average is $33.18. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. On average, research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio is 21.52%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.