982,540 Shares in Devon Energy Corporation $DVN Acquired by Diamond Hill Capital Management LLC Investment Advisor

Key Points

• Diamond Hill Capital Management acquired 982,540 Devon Energy shares worth approximately $40.6 million, while institutional investors collectively own 69.72% of the company.
• Devon Energy reported quarterly EPS of $1.57, exceeding 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 2.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $59.60.

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 982,540 shares of the energy company's stock, valued at approximately $40,599,000. Diamond Hill Capital Management LLC Investment Advisor owned approximately 0.16% of Devon Energy as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. State Street Corp lifted its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock worth $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC grew its stake 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 in the last quarter. Victory Capital Management Inc. increased its holdings in Devon Energy by 17.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock valued at $509,779,000 after buying an additional 2,071,021 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Devon Energy by 137.4% in the second quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company's stock valued at $397,834,000 after buying an additional 5,573,172 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Devon Energy by 2.5% in 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 buying an additional 235,561 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of DVN opened at $45.83 on Monday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The stock has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a fifty day moving average price of $43.40 and a 200 day moving average price of $45.18.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy's revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.84 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 4.99 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. Investors of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy's dividend payout ratio is 30.40%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 4.58% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Zacks Research downgraded Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Morgan Stanley dropped their price objective on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a report on Friday, June 26th. Raymond James Financial cut their target price on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 16th. Citigroup boosted their target price on Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, May 20th. Finally, JPMorgan Chase & Co. lowered their price target on Devon Energy from $62.00 to $55.00 and set an "overweight" rating for the company in a report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average target price of $59.60.

Devon Energy 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source