Equity Investment Corp Takes $106.87 Million Position in Devon Energy Corporation $DVN

Key Points

• Equity Investment Corp acquired 2.59 million Devon Energy shares worth approximately $106.9 million, representing about 0.42% of DVN and 2% of the firm’s portfolio. Institutional investors collectively own 69.72% of the company.
• Analysts maintain a positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $59.15, compared with the stock’s reported $47.84 price.
• Devon Energy exceeded quarterly expectations, reporting $1.57 EPS and $7.42 billion in revenue, while revenue grew 73.1% year over year. The company also declared a quarterly dividend of $0.32, equating to a 2.7% annualized yield.

Equity Investment Corp acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,586,470 shares of the energy company's stock, valued at approximately $106,873,000. Devon Energy comprises about 2.0% of Equity Investment Corp's holdings, making the stock its 26th largest position. Equity Investment Corp owned approximately 0.42% of Devon Energy as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Tobam grew its position in Devon Energy by 16.4% during the fourth 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 grew its holdings in shares of 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 purchasing an additional 236 shares during the period. Retirement Planning Group LLC increased its position in Devon Energy by 4.5% during the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company's stock worth $233,000 after purchasing an additional 243 shares in the last quarter. JFS Wealth Advisors LLC increased 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 purchasing an additional 245 shares in the last quarter. Finally, Catalyst Financial Partners LLC raised its holdings in Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after buying an additional 254 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm's stock in a transaction 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 completion of the transaction, the senior vice president directly 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on DVN shares. UBS Group reduced their price target on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research report on Wednesday, July 15th. Scotiabank raised their target price on shares of Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Jefferies Financial Group lifted their target price on shares of Devon Energy from $62.00 to $63.00 and gave the company a "buy" rating in a report on Monday, May 18th. The Goldman Sachs Group decreased their price target on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Mizuho increased their price target on Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $59.15.

Devon Energy Trading Up 0.6%

Shares of DVN opened at $47.84 on Wednesday. The company has a market capitalization of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a 50-day moving average price of $43.52 and a 200 day moving average price of $45.30.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the business earned $0.84 EPS. Devon Energy's revenue for the quarter was up 73.1% compared to the same quarter last year. Sell-side analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current fiscal 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 issued a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.7%. Devon Energy's dividend payout ratio is currently 30.40%.

About Devon Energy

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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