OMERS ADMINISTRATION Corp Makes New $4.23 Million Investment in Devon Energy Corporation $DVN

OMERS ADMINISTRATION Corp purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm purchased 102,411 shares of the energy company's stock, valued at approximately $4,232,000.

Several other hedge funds also recently modified their holdings of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in Devon Energy in the 4th quarter valued at about $25,000. JFS Wealth Advisors LLC boosted its position in shares of Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new position in shares of Devon Energy during the 2nd quarter valued at about $29,000. GoalVest Advisory LLC acquired a new position in shares of Devon Energy in the 2nd quarter worth approximately $30,000. Finally, SouthState Bank Corp grew its stake in shares of Devon Energy by 173.6% in the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company's stock worth $39,000 after purchasing an additional 486 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 4.58% of the stock is owned by company insiders.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.95 on Wednesday. The company has a market capitalization of $51.64 billion, a price-to-earnings ratio of 11.15, a P/E/G ratio of 1.33 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The stock's fifty day simple moving average is $43.91 and its 200-day simple moving average is $45.56.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data 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 return on equity of 14.93% and a net margin of 16.67%.The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the business earned $0.84 EPS. The business's revenue for the quarter was up 73.1% on a year-over-year basis. On average, sell-side analysts predict that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued 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 2.7%. Devon Energy's dividend payout ratio is currently 30.40%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Weiss Ratings raised shares of Devon Energy from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 11th. Raymond James Financial decreased their price target on shares of Devon Energy from $66.00 to $64.00 and set a "strong-buy" rating on the stock in a research report on Thursday, July 16th. Zacks Research cut Devon Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 27th. The Goldman Sachs Group cut their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Jefferies Financial Group raised their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $59.15.

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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