71,765 Shares in Devon Energy Corporation $DVN Bought by BTG Pactual Asset Management US LLC

Key Points

• BTG Pactual Asset Management bought 71,765 Devon Energy shares worth approximately $2.97 million in the second quarter. Institutional investors collectively own 69.72% of the company, with Wellington Management and BlackRock significantly increasing their positions.
• Devon Energy reported quarterly EPS of $1.57, exceeding estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company declared a quarterly dividend of $0.32 per share, representing a 2.7% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $59.15, compared with the stock’s reported opening price of $47.42.

BTG Pactual Asset Management US LLC purchased a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 71,765 shares of the energy company's stock, valued at approximately $2,965,000.

Several other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP boosted its position in shares of Devon Energy by 418.3% in 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 buying an additional 41,581,435 shares during the period. BlackRock Inc. raised its holdings in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock valued at $3,941,054,000 after buying an additional 34,871,366 shares during the period. Bank of America Corp DE acquired a new position in Devon Energy during the 2nd quarter worth approximately $421,226,000. GQG Partners LLC purchased a new position in Devon Energy in the 2nd quarter worth approximately $402,558,000. Finally, Pacer Advisors Inc. grew 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 valued at $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business'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 sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 4.58% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Raymond James Financial dropped their price objective on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research note on Thursday, July 16th. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Mizuho lifted their price target on shares of Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. Zacks Research lowered shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Finally, Wall Street Zen raised shares of Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday, August 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $59.15.

Devon Energy Trading Up 0.1%

Shares of DVN stock opened at $47.42 on Monday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm has a market capitalization of $52.16 billion, a PE ratio of 11.26, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. The stock has a fifty day moving average of $44.19 and a two-hundred day moving average of $45.64. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the company earned $0.84 earnings per share. The company's quarterly revenue was up 73.1% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

The business 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. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is presently 30.40%.

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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