Swiss National Bank Raises Stake in Devon Energy Corporation $DVN

Key Points

• Swiss National Bank increased its stake in Devon Energy by 5.8% in the first quarter, bringing its holdings to 1,748,939 shares valued at about $88 million.
• Insiders sold shares recently, including EVP Jeffrey L. Ritenour and SVP Adam M. Vela, with insiders selling 112,371 shares worth about $5.26 million over the last quarter.
• Devon Energy raised its dividend to $0.32 per quarter from $0.24, implying a $1.28 annualized payout and a 2.9% yield, even as its latest quarterly results missed revenue and earnings estimates.

Swiss National Bank boosted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 5.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,748,939 shares of the energy company's stock after buying an additional 96,300 shares during the quarter. Swiss National Bank owned 0.28% of Devon Energy worth $88,007,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Wedge Capital Management L L P NC acquired a new position in Devon Energy in the 4th quarter valued at approximately $9,931,000. Philip James Wealth Mangement LLC grew its stake in shares of Devon Energy by 43.8% in the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock worth $5,911,000 after purchasing an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new stake in Devon Energy in the fourth quarter valued at $2,089,000. LSV Asset Management increased its holdings in Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock valued at $29,289,000 after purchasing an additional 354,500 shares during the period. Finally, Kimmeridge Energy Management Company LLC raised its position in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president 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 filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was 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.

Devon Energy Trading Down 0.1%

Shares of Devon Energy stock opened at $43.80 on Tuesday. The company has a market capitalization of $27.22 billion, a P/E ratio of 12.20 and a beta of 0.38. The stock has a fifty day simple moving average of $44.32 and a 200 day simple moving average of $44.18. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

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 firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the business earned $0.82 earnings per share. The firm's revenue for the quarter was down 14.5% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Corporation will post 4.61 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.9%. Devon Energy's dividend payout ratio (DPR) is currently 35.65%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DVN. Roth Capital reissued a "buy" rating and issued a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Susquehanna upped their target price on Devon Energy from $52.00 to $57.00 and gave the company a "positive" rating in a research report on Tuesday, April 21st. Barclays raised their target price on Devon Energy from $54.00 to $62.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 26th. Argus lifted their target price on Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Devon Energy in a research note on Thursday, June 11th. Two 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 company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $59.32.

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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