Alyeska Investment Group L.P. Purchases 101,715 Shares of Devon Energy Corporation $DVN

Key Points

• Alyeska Investment Group increased its Devon Energy stake by 4%, purchasing 101,715 shares to hold 2.64 million shares valued at approximately $109.3 million. Institutional investors and hedge funds collectively own 69.72% of the company.
• Devon Energy reported quarterly EPS of $1.57, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.7% yield.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $59.15, compared with the stock’s recent price of $47.42. Recent ratings included upgrades from Evercore and Wall Street Zen, alongside target-price reductions from JPMorgan and Wells Fargo.

Alyeska Investment Group L.P. grew its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,644,503 shares of the energy company's stock after acquiring an additional 101,715 shares during the period. Alyeska Investment Group L.P. owned 0.24% of Devon Energy worth $109,271,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of DVN. Wellington Management Group LLP boosted its position in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares in the last quarter. BlackRock Inc. grew its position 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 worth $3,941,054,000 after buying an additional 34,871,366 shares during the period. Bank of America Corp DE acquired a new stake in shares of Devon Energy during the 2nd quarter worth approximately $421,226,000. GQG Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter valued at $402,558,000. Finally, Pacer Advisors Inc. increased its stake in shares of Devon Energy by 2,108.0% in the 4th 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 currently owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.6%

Devon Energy stock opened at $47.42 on Friday. The firm has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. The firm's fifty day moving average price is $44.19 and its two-hundred day moving average price is $45.62. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping 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%. The firm's revenue for the quarter was up 73.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, equities research analysts predict that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business 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 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 dividend yield of 2.7%. Devon Energy's payout ratio is presently 30.40%.

Analyst Ratings Changes

Several brokerages recently issued reports on DVN. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research note on Wednesday, July 8th. Wells Fargo & Company decreased their price target on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Evercore upgraded shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective on the stock in a report on Wednesday, June 10th. Jefferies Financial Group increased their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research report on Monday, May 18th. Finally, Wall Street Zen upgraded Devon Energy from a "hold" rating to a "buy" rating in a research note 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $59.15.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction 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 completion of the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 4.58% of the stock is currently owned by 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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