State Street Corp Buys 34,615,088 Shares of Devon Energy Corporation $DVN

Key Points

• State Street nearly doubled its Devon Energy stake in the second quarter, purchasing 34.6 million additional shares to own 73.2 million shares, or approximately 6.65% of the company valued at $3.02 billion.
• Devon Energy reported stronger-than-expected quarterly results, with EPS of $1.57 versus $1.40 expected and revenue of $7.42 billion, up 73.1% year over year. The company also declared a quarterly dividend of $0.32 per share, representing a 2.7% yield.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $59.76, compared with the stock’s reported price of $46.92.

State Street Corp raised its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 89.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 73,179,266 shares of the energy company's stock after buying an additional 34,615,088 shares during the period. State Street Corp owned about 6.65% of Devon Energy worth $3,023,767,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the fourth quarter worth $25,000. Premier Financial Group bought a new stake in Devon Energy during the second quarter valued at $25,000. JFS Wealth Advisors LLC grew its holdings in Devon Energy by 56.6% during the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock worth $28,000 after acquiring an additional 245 shares during the period. Parvin Asset Management LLC bought a new position in shares of Devon Energy in the 2nd quarter worth about $28,000. Finally, MV Capital Management Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at about $29,000. 69.72% of the stock is currently owned by institutional investors.

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Devon Energy Stock Down 1.4%

Shares of NYSE:DVN opened at $46.92 on Wednesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The business's 50 day simple moving average is $46.48 and its two-hundred day simple moving average is $46.22. The firm has a market cap of $51.61 billion, a P/E ratio of 11.14, a PEG ratio of 1.29 and a beta of 0.37.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating 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 quarter in the previous year, the company posted $0.84 earnings per share. The company's quarterly revenue was up 73.1% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 5.27 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.7%. Devon Energy's dividend payout ratio is presently 30.40%.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an "overweight" rating on the stock in a research report on Wednesday, July 8th. Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a research note on Tuesday, June 2nd. Citigroup increased their price target on Devon Energy from $65.00 to $67.00 and gave the stock a "buy" rating in a report on Monday, August 31st. Wall Street Zen downgraded shares of Devon Energy from a "buy" rating to a "hold" rating in a research report on Saturday, September 5th. Finally, The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $59.76.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, CEO Clay Gaspar acquired 3,913 shares of the company's stock in a transaction on Monday, September 14th. The shares were purchased at an average cost of $51.08 per share, with a total value of $199,876.04. Following the completion of the purchase, the chief executive officer owned 619,152 shares of the company's stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $50.95, for a total transaction of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares of the company's stock, valued at $3,705,084. This represents a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 4.58% of the company's stock.

Devon Energy Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon's operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.

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