NorthCrest Asset Manangement LLC Makes New Investment in Devon Energy Corporation $DVN

Key Points

• NorthCrest Asset Management LLC has acquired 9,827 shares of Devon Energy Corporation, valued at approximately $327,000, as per their most recent filing with the SEC.
• Devon Energy's stock has received an average rating of "Moderate Buy" from analysts, with a consensus price target of $44.04 following several brokerage upgrades.
• The company has announced a quarterly dividend of $0.24, with an ex-dividend date set for September 15th, representing a yield of 2.8%.

NorthCrest Asset Manangement LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 9,827 shares of the energy company's stock, valued at approximately $327,000.

Several other large investors also recently modified their holdings of DVN. Two Sigma Investments LP purchased a new stake in Devon Energy in the 4th quarter worth $256,000. Woodline Partners LP purchased a new position in Devon Energy in the 4th quarter valued at $1,906,000. Vise Technologies Inc. boosted its position in shares of Devon Energy by 56.8% during the 4th quarter. Vise Technologies Inc. now owns 11,806 shares of the energy company's stock worth $386,000 after purchasing an additional 4,275 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Devon Energy during the 4th quarter worth $6,513,000. Finally, Integrated Advisors Network LLC increased its position in Devon Energy by 6.1% during the 4th quarter. Integrated Advisors Network LLC now owns 8,357 shares of the energy company's stock worth $274,000 after purchasing an additional 482 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on DVN shares. JPMorgan Chase & Co. upped their target price on Devon Energy from $40.00 to $42.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Barclays boosted their target price on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Mizuho dropped their price objective on Devon Energy from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, September 15th. Finally, Raymond James Financial restated an "outperform" rating and set a $45.00 target price (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $44.04.

Devon Energy Stock Performance

DVN traded down $0.19 on Monday, hitting $33.77. 6,823,967 shares of the stock traded hands, compared to its average volume of 6,908,607. The firm has a market capitalization of $21.44 billion, a PE ratio of 7.57, a P/E/G ratio of 1.97 and a beta of 1.09. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $43.29. The business has a fifty day moving average price of $33.98 and a two-hundred day moving average price of $33.12. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

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

Devon Energy Announces Dividend

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

Insider Activity

In related news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director directly owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.73% of the stock is owned by company insiders.

Devon Energy Company 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.