IFM Investors Pty Ltd Acquires 9,145 Shares of Devon Energy Corporation $DVN

Key Points

• IFM Investors Pty Ltd increased its stake in Devon Energy Corporation by 8.4% in Q2, owning 118,275 shares valued at approximately $3.76 million.
• Devon Energy reported a quarterly EPS of $0.84, surpassing expectations, and experienced a year-over-year revenue increase of 9.4%.
• The company announced a quarterly dividend of $0.24 per share, representing a 2.8% dividend yield, with an upcoming payment date on September 30th.

IFM Investors Pty Ltd boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 8.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 118,275 shares of the energy company's stock after buying an additional 9,145 shares during the period. IFM Investors Pty Ltd's holdings in Devon Energy were worth $3,762,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Banque Cantonale Vaudoise bought a new position in shares of Devon Energy in the first quarter valued at approximately $26,000. Financial Gravity Asset Management Inc. acquired a new position in Devon Energy during the 1st quarter worth about $26,000. Rakuten Securities Inc. increased its holdings in shares of Devon Energy by 94.6% in the first quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after purchasing an additional 405 shares in the last quarter. SouthState Corp boosted its position in Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company's stock valued at $37,000 after buying an additional 771 shares during the last quarter. Finally, Hughes Financial Services LLC acquired a new stake in shares of Devon Energy in the 1st quarter valued at $38,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Devon Energy

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.73% of the stock is owned by insiders.

Devon Energy Price Performance

DVN stock traded down $0.19 during midday trading on Monday, reaching $33.77. The company had a trading volume of 6,823,967 shares, compared to its average volume of 6,908,607. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The stock has a 50 day moving average price of $33.98 and a 200-day moving average price of $33.12. The company has a market capitalization of $21.44 billion, a price-to-earnings ratio of 7.57, a price-to-earnings-growth ratio of 1.97 and a beta of 1.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $1.41 EPS. Equities research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.8%. Devon Energy's payout ratio is 21.52%.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. BMO Capital Markets increased their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a report on Monday, July 14th. UBS Group upped their price target on Devon Energy from $37.00 to $40.00 and gave the company a "neutral" rating in a research note on Wednesday, August 20th. Scotiabank reissued an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Siebert Williams Shank increased their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, William Blair began coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating on the stock. Sixteen investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $44.04.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.