Cibc World Market Inc. Grows Holdings in Devon Energy Corporation $DVN

Key Points

• Cibc World Market Inc. boosted its Devon Energy stake by 40.8% in the fourth quarter, bringing its holdings to 857,482 shares worth about $31.4 million. Several other institutional investors also increased positions, and hedge funds and institutions now own 69.72% of the stock.
• Devon Energy’s shares were down slightly, and the company reported mixed quarterly results: EPS of $1.04 missed estimates, while revenue of $3.81 billion also came in below expectations. Analysts still forecast full-year EPS of 4.47, and the stock carries a consensus rating of Moderate Buy.
• The company raised its quarterly dividend to $0.32 per share from $0.24, implying an annualized payout of $1.28 and a yield of 2.8%. At the same time, two executives sold shares in recent insider transactions.

Cibc World Market Inc. increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 40.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 857,482 shares of the energy company's stock after acquiring an additional 248,670 shares during the quarter. Cibc World Market Inc. owned about 0.14% of Devon Energy worth $31,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in Devon Energy by 1.0% in 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 during the period. Victory Capital Management Inc. boosted its position in shares of Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company's stock worth $415,319,000 after purchasing an additional 560,652 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company's stock worth $327,938,000 after buying an additional 552,068 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock worth $288,306,000 after buying an additional 1,862,720 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Devon Energy by 5.6% during the 4th quarter. Bank of New York Mellon Corp now owns 4,005,657 shares of the energy company's stock valued at $146,727,000 after buying an additional 214,041 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 0.4%

DVN opened at $45.98 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The firm has a 50 day moving average price of $47.73 and a 200-day moving average price of $42.74. Devon Energy Corporation has a twelve month low of $31.32 and a twelve month high of $52.71. The stock has a market capitalization of $28.57 billion, a price-to-earnings ratio of 12.81 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $4.34 billion. During the same quarter in the prior year, the business posted $0.82 EPS. The company's revenue for the quarter was down 14.5% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Corporation will post 4.47 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's payout ratio is currently 26.74%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. UBS Group dropped their target price on Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Tudor Pickering raised Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Wolfe Research upped their price target on shares of Devon Energy from $64.00 to $65.00 and gave the stock an "outperform" rating in a research note on Monday, April 6th. Morgan Stanley increased their price objective on shares of Devon Energy from $59.00 to $66.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Finally, Sanford C. Bernstein raised their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $57.89.

Insiders Place Their Bets

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company's stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 4.58% of the company's stock.

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.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

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.