National Pension Service Buys 965,060 Shares of Devon Energy Corporation $DVN

Key Points

• National Pension Service increased its Devon Energy stake by 83.3%, purchasing 965,060 additional shares to reach 2.12 million shares valued at approximately $87.8 million. Institutional investors collectively own 69.72% of the company.
• Analysts maintain a generally positive outlook, with Devon Energy receiving a consensus “Moderate Buy” rating and an average price target of $59.30, above its reported $50.19 share price.
• Devon Energy exceeded quarterly expectations, reporting $1.57 in earnings per share and $7.42 billion in revenue, while revenue increased 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, yielding approximately 2.6% annually.

National Pension Service grew its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 83.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,123,951 shares of the energy company's stock after purchasing an additional 965,060 shares during the period. National Pension Service owned approximately 0.19% of Devon Energy worth $87,762,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company's stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares in the last quarter. California State Teachers Retirement System grew its holdings in shares of Devon Energy by 7,555.6% in the second quarter. California State Teachers Retirement System now owns 52,787,085 shares of the energy company's stock valued at $2,181,162,000 after purchasing an additional 52,097,561 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Devon Energy by 418.3% in the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company's stock valued at $2,128,905,000 after purchasing an additional 41,581,435 shares in the last quarter. State Street Corp increased its position in Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock worth $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock worth $700,238,000 after purchasing an additional 186,743 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on DVN. Mizuho increased their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an "outperform" rating in a research report on Wednesday, May 27th. Raymond James Financial reduced their price objective on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research note on Thursday, July 16th. Stifel Nicolaus began coverage on Devon Energy in a report on Thursday. They issued a "buy" rating and a $61.00 target price for the company. Morgan Stanley cut their target price on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Finally, UBS Group dropped their price objective on shares of Devon Energy from $58.00 to $54.00 and set a "buy" rating for the company in a research note on Wednesday, July 15th. Two 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.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.30.

Devon Energy Trading Up 0.3%

Shares of DVN opened at $50.19 on Friday. The firm has a market capitalization of $55.21 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 1.36 and a beta of 0.37. 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 1-year low of $31.47 and a 1-year high of $52.71. The company has a 50-day moving average of $45.61 and a 200 day moving average of $45.95.

Devon Energy (NYSE:DVN - Get Free Report) last issued 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 net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period last year, the company posted $0.84 earnings per share. The company's quarterly revenue was up 73.1% compared to the same quarter last year. On average, research analysts expect that Devon Energy Corporation will post 5.24 EPS for the current year.

Devon Energy Announces Dividend

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

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, 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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