38,732 Shares in Devon Energy Corporation $DVN Purchased by Cascade Investment Advisors Inc.

Key Points

• Cascade Investment Advisors acquired 38,732 Devon Energy shares worth approximately $1.6 million in the second quarter. Institutional investors collectively own 69.72% of the company, while an insider recently sold 18,000 shares.
• Devon Energy reported quarterly EPS of $1.57, beating the $1.40 consensus estimate, while revenue rose 73.1% year over year to $7.42 billion.
• The company declared a quarterly dividend of $0.32 per share, equivalent to an annualized $1.28 payout and a 2.9% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.60.

Cascade Investment Advisors Inc. acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 38,732 shares of the energy company's stock, valued at approximately $1,600,000.

Several other institutional investors and hedge funds also recently bought and sold shares of DVN. State Street Corp increased its holdings in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after purchasing an additional 212,074 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock worth $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP grew its position in Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after purchasing an additional 235,561 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its position 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 purchasing an additional 3,195,862 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company's 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 sale, 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 Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Down 0.8%

NYSE:DVN opened at $44.48 on Friday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The firm has a market cap of $48.93 billion, a price-to-earnings ratio of 10.57 and a beta of 0.38. 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 company's 50 day moving average is $43.37 and its 200-day moving average is $45.13.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data 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. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the firm earned $0.84 EPS. Devon Energy's quarterly revenue was up 73.1% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Corporation will post 4.95 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy's payout ratio is currently 30.40%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on DVN shares. Wall Street Zen lowered shares of Devon Energy from a "buy" rating to a "hold" rating in a research note on Sunday, June 21st. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the company an "outperform" rating in a report on Monday, June 22nd. The Goldman Sachs Group dropped their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. 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 report on Wednesday, July 15th. Finally, Jefferies Financial Group lifted their price objective on Devon Energy from $62.00 to $63.00 and gave the company a "buy" rating in a research report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

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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