Argent Trust Co boosted its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 374.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 104,896 shares of the energy company's stock after buying an additional 82,803 shares during the period. Argent Trust Co's holdings in Devon Energy were worth $4,334,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP lifted its holdings in Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company's stock valued at $4,330,000 after acquiring an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in Devon Energy in the 2nd quarter valued at approximately $403,000. Jump Financial LLC grew its stake in Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company's stock worth $899,000 after purchasing an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company's stock worth $4,736,000 after purchasing an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC increased its holdings in Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company's stock valued at $4,586,000 after buying an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, SVP Andrea Alexander sold 18,000 shares of the company'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 completion of the sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 4.58% of the company's stock.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. Mizuho lifted their price target on Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" 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. Wall Street Zen raised Devon Energy from a "hold" rating to a "buy" rating in a research report on Saturday. Barclays upped their price target on Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. Finally, Scotiabank raised their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.
Check Out Our Latest Stock Report on DVN
Devon Energy Stock Performance
Shares of Devon Energy stock opened at $45.83 on Monday. The firm's fifty day simple moving average is $43.40 and its 200-day simple moving average is $45.18. The stock has a market capitalization of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.
Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts' consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to analysts' expectations of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 EPS. Devon Energy's quarterly revenue was up 73.1% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current year.
Devon Energy Announces Dividend
The business also recently declared 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. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy's payout ratio is 30.40%.
Devon Energy Company Profile
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Free Report)
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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