Canada Pension Plan Investment Board Has $34.92 Million Position in Devon Energy Corporation $DVN

Key Points

• The Canada Pension Plan Investment Board increased its stake in Devon Energy by 157.9%, owning approximately 933,784 shares worth around $34.9 million after the 1st quarter.
• Devon Energy reported a quarterly EPS of $0.84, beating estimates, and had a revenue of $4.28 billion, showing a 9.4% year-over-year increase.
• The company declared a quarterly dividend of $0.24, with a yield of 2.7% and a payout ratio of 21.52%, to be paid on September 30th.

Canada Pension Plan Investment Board grew its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 157.9% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 933,784 shares of the energy company's stock after buying an additional 571,775 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.15% of Devon Energy worth $34,924,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. Lido Advisors LLC increased its position in Devon Energy by 4.0% in the fourth quarter. Lido Advisors LLC now owns 29,647 shares of the energy company's stock worth $970,000 after purchasing an additional 1,136 shares during the period. Comerica Bank increased its position in Devon Energy by 19.3% in the fourth quarter. Comerica Bank now owns 210,450 shares of the energy company's stock worth $6,888,000 after purchasing an additional 34,083 shares during the period. Accredited Wealth Management LLC acquired a new stake in Devon Energy in the fourth quarter worth about $28,000. Aptus Capital Advisors LLC increased its position in Devon Energy by 12.0% in the fourth quarter. Aptus Capital Advisors LLC now owns 19,188 shares of the energy company's stock worth $628,000 after purchasing an additional 2,056 shares during the period. Finally, Ameriprise Financial Inc. increased its position in Devon Energy by 13.4% in the fourth quarter. Ameriprise Financial Inc. now owns 2,777,069 shares of the energy company's stock worth $90,811,000 after purchasing an additional 327,471 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research reports. Raymond James Financial reiterated an "outperform" rating and issued a $45.00 price objective (up from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. Mizuho reduced their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Jefferies Financial Group raised their target price on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a report on Monday, July 14th. Finally, Wolfe Research raised their target price on Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.71% of the stock is owned by company insiders.

Devon Energy Stock Up 1.4%

NYSE DVN traded up $0.51 during trading on Thursday, hitting $35.59. The stock had a trading volume of 4,615,067 shares, compared to its average volume of 8,835,438. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. The company's 50-day moving average price is $33.59 and its two-hundred day moving average price is $33.23. The company has a market capitalization of $22.59 billion, a PE ratio of 7.98, a P/E/G ratio of 2.08 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the business earned $1.41 EPS. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's payout ratio is 21.52%.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.