517,600 Shares in Devon Energy Corporation $DVN Bought by Encompass Capital Advisors LLC

Key Points

• Encompass Capital Advisors acquired 517,600 Devon Energy shares worth approximately $26.0 million, giving it a 0.08% stake. Institutional investors collectively own 69.72% of the company.
• Devon Energy’s latest quarterly results fell slightly short of expectations, with $1.04 in EPS versus $1.06 expected and revenue of $3.81 billion, down 14.5% year over year.
• The company increased its quarterly dividend to $0.32 per share, or $1.28 annually, representing a 3.0% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $59.56.

Encompass Capital Advisors LLC bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 517,600 shares of the energy company's stock, valued at approximately $26,046,000. Encompass Capital Advisors LLC owned 0.08% of Devon Energy as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of the company. Excelsior Advisor Network LLC acquired a new position in shares of Devon Energy in the 1st quarter valued at about $254,000. Quantinno Capital Management LP boosted its position in shares of Devon Energy by 13.1% during the 1st quarter. Quantinno Capital Management LP now owns 552,469 shares of the energy company's stock valued at $27,800,000 after purchasing an additional 63,942 shares in the last quarter. Lazard Asset Management LLC grew its stake in Devon Energy by 643.6% during the first quarter. Lazard Asset Management LLC now owns 562,059 shares of the energy company's stock worth $28,283,000 after purchasing an additional 486,473 shares during the period. Gateway Wealth Partners LLC acquired a new stake in Devon Energy during the first quarter worth approximately $979,000. Finally, OMERS ADMINISTRATION Corp increased its holdings in Devon Energy by 16.9% in the first quarter. OMERS ADMINISTRATION Corp now owns 90,647 shares of the energy company's stock worth $4,561,000 after purchasing an additional 13,115 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 4.3%

DVN stock opened at $43.12 on Tuesday. The stock's 50 day simple moving average is $43.96 and its 200 day simple moving average is $44.45. The company has a market cap of $26.80 billion, a P/E ratio of 12.01 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company's revenue was down 14.5% on a year-over-year basis. During the same period last year, the business posted $0.82 EPS. On average, research analysts expect that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio (DPR) is 35.65%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on DVN. Wall Street Zen cut Devon Energy from a "buy" rating to a "hold" rating in a report on Sunday, June 21st. Roth Capital reiterated a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, April 28th. The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Argus boosted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Finally, UBS Group cut their target price on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Two equities research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $59.56.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company's stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business's stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company's stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is 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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