Devon Energy Corporation $DVN Stock: Viking Fund Management LLC Boosts Stake

Key Points

• Viking Fund Management increased its Devon Energy stake by 76.7% in the third quarter, adding 115,000 shares to own 265,000 shares valued at approximately $12.2 million. Institutional investors collectively hold 69.72% of DVN.
• Devon Energy reported quarterly EPS of $1.57, exceeding estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company pays a quarterly dividend of $0.32 per share, representing a 2.6% yield.
• Analysts maintain a generally positive view, with DVN carrying a consensus “Moderate Buy” rating and an average price target of $60.76, above its reported trading price of $49.97.

Viking Fund Management LLC raised its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 76.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,000 shares of the energy company's stock after buying an additional 115,000 shares during the quarter. Viking Fund Management LLC's holdings in Devon Energy were worth $12,201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in shares of Devon Energy during the fourth quarter worth $25,000. Premier Financial Group bought a new stake in Devon Energy in the 2nd quarter valued at $25,000. JFS Wealth Advisors LLC increased its holdings in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after acquiring an additional 245 shares during the last quarter. Parvin Asset Management LLC bought a new stake in Devon Energy in the 2nd quarter valued at $28,000. Finally, MV Capital Management Inc. purchased a new stake in Devon Energy in the 4th quarter worth $29,000. Institutional investors own 69.72% of the company's stock.

Insider Activity

In other Devon Energy news, CEO Clay M. Gaspar bought 3,913 shares of the company's stock in a transaction on Monday, September 14th. The stock was acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer directly owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of the business's stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares of the company's stock, valued at $3,705,084. This trade represents a 8.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 4.58% of the company's stock.

Devon Energy Trading Down 0.5%

DVN opened at $49.97 on Thursday. The firm has a market cap of $54.97 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.34 and a beta of 0.49. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month 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. The stock has a 50-day moving average of $47.78 and a 200 day moving average of $46.31.

Devon Energy (NYSE:DVN - Get Free Report) last announced 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. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. 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 previous year, the business earned $0.84 EPS. The company's quarterly revenue was up 73.1% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 5.36 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date was Tuesday, September 15th. Devon Energy's dividend payout ratio is presently 30.40%.

Analyst Ratings Changes

Several research analysts have commented on DVN shares. Barclays increased their price objective on shares of Devon Energy from $58.00 to $60.00 and gave the company an "overweight" rating in a report on Friday, October 9th. 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. BMO Capital Markets reaffirmed an "outperform" rating and issued a $67.00 target price on shares of Devon Energy in a report on Tuesday, October 6th. UBS Group boosted their target price on Devon Energy from $63.00 to $65.00 and gave the stock a "buy" rating in a research report on Wednesday, October 7th. Finally, Wells Fargo & Company dropped their price target on Devon Energy from $65.00 to $64.00 and set an "overweight" rating for the company in a research note on Monday, September 28th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $60.76.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon's operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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