Canada Post Corp Registered Pension Plan Boosts Stake in Devon Energy Corporation $DVN

Key Points

• Canada Post’s pension plan increased its Devon Energy stake by 433.2% in the second quarter, bringing its holdings to 142,348 shares valued at approximately $5.88 million. Institutional investors collectively own 69.72% of DVN.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and a $59.60 price target, though several firms recently reduced their targets. Separately, Devon Energy’s SVP Andrea Alexander sold 18,000 shares.
• Devon Energy exceeded quarterly expectations with $1.57 in earnings per share and $7.42 billion in revenue, while revenue rose 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, representing a 2.9% yield.

Canada Post Corp Registered Pension Plan lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 433.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 142,348 shares of the energy company's stock after buying an additional 115,650 shares during the period. Canada Post Corp Registered Pension Plan's holdings in Devon Energy were worth $5,882,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Tobam increased its position in shares of Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company's stock valued at $60,000 after acquiring an additional 230 shares during the period. TD Private Client Wealth LLC lifted its position in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock worth $262,000 after acquiring an additional 236 shares during the period. JFS Wealth Advisors LLC lifted its position in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares during the period. Catalyst Financial Partners LLC grew its stake in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after purchasing an additional 254 shares during the last quarter. Finally, Cary Street Partners Investment Advisory LLC grew its stake in Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock valued at $54,000 after purchasing an additional 257 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.58% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on DVN. Zacks Research lowered Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an "outperform" rating in a report on Monday, June 22nd. Morgan Stanley dropped their target price on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Wells Fargo & Company cut their price target on shares of Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Jefferies Financial Group raised their price target 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. Two 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Devon Energy Stock Performance

NYSE DVN opened at $44.48 on Friday. The firm has a market capitalization of $48.93 billion, a P/E ratio of 10.57 and a beta of 0.38. The stock has a 50-day simple moving average of $43.37 and a two-hundred day simple moving average of $45.13. 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 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 issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company's revenue was up 73.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.84 earnings per share. On average, equities analysts forecast that Devon Energy Corporation will post 4.95 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy's dividend payout ratio is currently 30.40%.

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.

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