Pacific Heights Asset Management LLC Has $20.15 Million Stock Holdings in Devon Energy Corporation $DVN

Key Points

• Pacific Heights Asset Management increased its Devon Energy stake by 10% in the fourth quarter, bringing its holdings to 550,000 shares worth about $20.15 million.
• Several other institutional investors also boosted or initiated positions, and institutions now own 69.72% of Devon Energy’s stock.
• Analysts remain broadly positive on DVN, with an average rating of Moderate Buy and an average price target of $56.41; the company also recently raised its quarterly dividend to $0.32 per share.

Pacific Heights Asset Management LLC increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 10.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 550,000 shares of the energy company's stock after acquiring an additional 50,000 shares during the period. Pacific Heights Asset Management LLC owned about 0.09% of Devon Energy worth $20,146,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Wedge Capital Management L L P NC purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $9,931,000. Allianz Asset Management GmbH lifted its holdings in Devon Energy by 4.3% during the third quarter. Allianz Asset Management GmbH now owns 833,155 shares of the energy company's stock worth $29,210,000 after acquiring an additional 33,974 shares during the period. Investors Research Corp lifted its holdings in Devon Energy by 13,787.5% during the fourth quarter. Investors Research Corp now owns 27,775 shares of the energy company's stock worth $1,017,000 after acquiring an additional 27,575 shares during the period. Philip James Wealth Mangement LLC lifted its holdings in Devon Energy by 43.8% during the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock worth $5,911,000 after acquiring an additional 49,115 shares during the period. Finally, Greatmark Investment Partners Inc. lifted its holdings in Devon Energy by 5.6% during the third quarter. Greatmark Investment Partners Inc. now owns 571,925 shares of the energy company's stock worth $20,052,000 after acquiring an additional 30,435 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on DVN shares. Argus lifted their price target on Devon Energy from $41.00 to $51.00 and gave the stock a "buy" rating in a report on Thursday, February 26th. Weiss Ratings upgraded Devon Energy from a "sell (d+)" rating to a "hold (c-)" rating in a report on Wednesday, January 28th. Susquehanna lifted their price target on Devon Energy from $52.00 to $57.00 and gave the stock a "positive" rating in a report on Tuesday, April 21st. Capital One Financial dropped their price target on Devon Energy from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, April 14th. Finally, UBS Group dropped their price target on Devon Energy from $61.00 to $60.00 and set a "buy" rating on the stock in a report on Tuesday, April 14th. Four research analysts have rated the stock with a Strong Buy rating, twenty-one have assigned a Buy rating and six have given a Hold rating to the company. According to MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $56.41.

Insider Buying and Selling at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy 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 transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on 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 owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.73% of the stock is currently owned by insiders.

Devon Energy Price Performance

Shares of NYSE DVN opened at $49.55 on Monday. The stock has a market cap of $30.79 billion, a PE ratio of 13.80 and a beta of 0.43. Devon Energy Corporation has a fifty-two week low of $30.24 and a fifty-two week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a fifty day moving average of $47.75 and a 200-day moving average of $41.44.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. Devon Energy's revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.82 earnings per share. Equities research analysts anticipate that Devon Energy Corporation will post 5.25 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. This is a boost from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. Devon Energy's dividend payout ratio (DPR) is presently 26.74%.

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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