Oak Associates Ltd. OH Invests $4.05 Million in Devon Energy Corporation $DVN

Key Points

• Oak Associates Ltd. OH opened a new position in Devon Energy during the first quarter, buying 80,487 shares worth about $4.05 million.
• Several analysts remain constructive on DVN, with a consensus rating of “Moderate Buy” and a consensus price target of $59.56. Recent notes included both higher and lower target revisions, but overall sentiment stayed positive.
• Devon Energy recently boosted its quarterly dividend to $0.32 per share from $0.24, while its latest earnings missed expectations on both EPS and revenue despite year-over-year EPS growth.

Oak Associates Ltd. OH bought a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 80,487 shares of the energy company's stock, valued at approximately $4,050,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Tobam boosted its holdings 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 purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC grew its stake in shares of Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after purchasing an additional 236 shares during the period. Catalyst Financial Partners LLC raised its holdings in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock worth $246,000 after buying an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC raised its holdings in shares of Devon Energy by 21.0% in the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after buying an additional 257 shares in the last quarter. Finally, Zions Bancorporation National Association UT lifted its position in shares of Devon Energy by 7.9% during the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company's stock worth $129,000 after buying an additional 258 shares during the period. Institutional investors own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares of the company's stock, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DVN. UBS Group decreased their price target on Devon Energy from $58.00 to $54.00 and set a "buy" rating on the stock in a research note on Wednesday, July 15th. Mizuho increased their price objective on Devon Energy from $62.00 to $68.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 27th. BMO Capital Markets reissued an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. Raymond James Financial cut their price objective on Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating for the company in a report on Thursday, July 16th. Finally, Royal Bank Of Canada boosted their target price on shares of Devon Energy from $46.00 to $59.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.56.

Devon Energy Stock Up 0.8%

Shares of DVN opened at $45.26 on Friday. The company has a market capitalization of $28.12 billion, a P/E ratio of 12.61 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The business's 50 day simple moving average is $44.18 and its 200-day simple moving average is $44.34.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the business earned $0.82 earnings per share. The company's revenue for the quarter was down 14.5% on a year-over-year basis. As a group, sell-side analysts predict that Devon Energy Corporation will post 4.64 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.32 per share. The ex-dividend date was Monday, June 15th. This is a boost from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy's dividend payout ratio (DPR) is currently 35.65%.

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.

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