Opal Capital LLC Purchases Shares of 121,543 Devon Energy Corporation $DVN

Key Points

• Opal Capital acquired 121,543 Devon Energy shares during the first quarter, valued at approximately $6.1 million. Institutional investors collectively own 69.72% of the company, with several major funds significantly increasing their positions.
• Devon Energy insiders sold 112,371 shares worth about $5.26 million over the past 90 days, while corporate insiders retain a 4.58% ownership stake.
• The company reported quarterly earnings of $1.04 per share, slightly below estimates, and revenue fell 14.5% year over year to $3.81 billion. Devon raised its quarterly dividend from $0.24 to $0.32 per share, and analysts maintain a “Moderate Buy” consensus with an average price target of $59.56.

Opal Capital LLC purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 121,543 shares of the energy company's stock, valued at approximately $6,116,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company's stock valued at $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company's stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC increased its holdings in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares during the period. AQR Capital Management LLC raised its stake in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company's stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company's stock valued at $260,692,000 after purchasing an additional 2,485,603 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction dated 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 transaction, the executive vice president directly owned 428,452 shares of the company's stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the transaction, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,371 shares of company stock valued at $5,258,059 in the last 90 days. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Stock Performance

Shares of DVN opened at $42.72 on Wednesday. The company has a 50-day moving average of $43.82 and a two-hundred day moving average of $44.51. The stock has a market cap of $26.55 billion, a price-to-earnings ratio of 11.90 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.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company's revenue for the quarter was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.82 earnings per share. On average, equities research analysts expect that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date was Monday, June 15th. This is a boost from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio is 35.65%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada increased 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 report on Wednesday, April 8th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Roth Capital reaffirmed a "buy" rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Susquehanna increased their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the company a "positive" rating in a report on Tuesday, July 21st. Finally, The Goldman Sachs Group decreased their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.56.

About Devon Energy

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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