Goelzer Investment Management Inc. Acquires New Stake in Devon Energy Corporation $DVN

Key Points

• Goelzer Investment Management acquired 30,063 shares of Devon Energy worth approximately $1.24 million, while institutional investors collectively own 69.72% of the stock.
• Analysts remain generally bullish, with a consensus “Moderate Buy” rating and an average price target of $59.60; several firms recently raised their targets to as high as $65.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, yielding about 2.9% annually.

Goelzer Investment Management Inc. acquired a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 30,063 shares of the energy company's stock, valued at approximately $1,242,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. State Street Corp increased its holdings in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after buying an additional 212,074 shares in the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock valued at $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 17.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock valued at $509,779,000 after purchasing an additional 2,071,021 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Devon Energy by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after purchasing an additional 235,561 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its position in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after buying an additional 3,195,862 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy 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 sale, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Barclays lifted 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. Roth Capital reaffirmed a "buy" rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Truist Financial lifted their price objective on shares of Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Argus upped their target price on Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, June 10th. Finally, Wall Street Zen downgraded Devon Energy from a "buy" rating to a "hold" rating in a research report on Sunday, June 21st. Two investment 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 company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $59.60.

Devon Energy Price Performance

NYSE:DVN opened at $44.87 on Thursday. 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 Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a fifty day moving average price of $43.40 and a 200 day moving average price of $45.09. The stock has a market cap of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results 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 net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the business posted $0.84 EPS. The business's quarterly revenue was up 73.1% on a year-over-year basis. Analysts anticipate that Devon Energy Corporation will post 4.91 earnings per share for the current year.

Devon Energy Announces Dividend

The company 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. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Devon Energy Company 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.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source