Palisade Capital Management LLC NJ Purchases Shares of 15,948 Devon Energy Co. (NYSE:DVN)

Palisade Capital Management LLC NJ purchased a new stake in shares of Devon Energy Co. (NYSE:DVNGet Rating) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 15,948 shares of the energy company’s stock, valued at approximately $943,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its holdings in Devon Energy by 2.3% in the 1st quarter. Quadrant Capital Group LLC now owns 7,515 shares of the energy company’s stock worth $445,000 after buying an additional 169 shares in the last quarter. Gotham Asset Management LLC boosted its stake in Devon Energy by 1.0% during the 4th quarter. Gotham Asset Management LLC now owns 18,612 shares of the energy company’s stock valued at $820,000 after purchasing an additional 187 shares in the last quarter. CVA Family Office LLC boosted its stake in Devon Energy by 15.2% during the 1st quarter. CVA Family Office LLC now owns 1,442 shares of the energy company’s stock valued at $85,000 after purchasing an additional 190 shares in the last quarter. Louisiana State Employees Retirement System boosted its stake in Devon Energy by 0.5% during the 1st quarter. Louisiana State Employees Retirement System now owns 39,700 shares of the energy company’s stock valued at $2,565,000 after purchasing an additional 200 shares in the last quarter. Finally, Triton Wealth Management PLLC boosted its stake in Devon Energy by 1.4% during the 4th quarter. Triton Wealth Management PLLC now owns 15,094 shares of the energy company’s stock valued at $783,000 after purchasing an additional 212 shares in the last quarter. Hedge funds and other institutional investors own 87.01% of the company’s stock.

Insider Buying and Selling

In related news, Director Ann G. Fox sold 2,150 shares of the stock in a transaction on Monday, June 13th. The stock was sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now directly owns 26,858 shares in the company, valued at $1,887,311.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, Director Ann G. Fox sold 2,150 shares of the stock in a transaction on Monday, June 13th. The stock was sold at an average price of $70.27, for a total transaction of $151,080.50. Following the completion of the sale, the director now directly owns 26,858 shares in the company, valued at $1,887,311.66. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Dennis C. Cameron sold 4,537 shares of the stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $53.55, for a total value of $242,956.35. Following the sale, the executive vice president now owns 270,269 shares of the company’s stock, valued at $14,472,904.95. The disclosure for this sale can be found here. 0.80% of the stock is owned by corporate insiders.

Devon Energy Price Performance

DVN opened at $56.65 on Friday. The stock has a fifty day moving average of $61.19 and a 200-day moving average of $59.94. The firm has a market capitalization of $37.09 billion, a P/E ratio of 7.19 and a beta of 2.55. Devon Energy Co. has a 12-month low of $24.46 and a 12-month high of $79.40. The company has a quick ratio of 1.32, a current ratio of 1.55 and a debt-to-equity ratio of 0.63.

Devon Energy (NYSE:DVNGet Rating) last released its earnings results on Monday, August 1st. The energy company reported $2.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.38 by $0.21. The company had revenue of $5.63 billion during the quarter, compared to analyst estimates of $4.77 billion. Devon Energy had a return on equity of 48.58% and a net margin of 30.65%. The company’s revenue for the quarter was up 132.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.60 earnings per share. Equities analysts forecast that Devon Energy Co. will post 9.02 EPS for the current fiscal year.

Devon Energy declared that its board has authorized a stock buyback plan on Monday, May 2nd that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the energy company to repurchase up to 4.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Monday, September 12th will be issued a dividend of $1.55 per share. This represents a $6.20 annualized dividend and a dividend yield of 10.94%. This is a positive change from Devon Energy’s previous quarterly dividend of $1.27. The ex-dividend date is Friday, September 9th. Devon Energy’s dividend payout ratio (DPR) is currently 64.47%.

Analyst Ratings Changes

A number of brokerages have issued reports on DVN. Mizuho decreased their price target on Devon Energy from $94.00 to $88.00 and set a “buy” rating for the company in a research note on Tuesday, July 19th. Morgan Stanley decreased their price target on Devon Energy from $68.00 to $67.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 19th. Susquehanna increased their price target on Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. Barclays set a $89.00 price objective on Devon Energy in a research note on Tuesday, July 19th. Finally, Susquehanna Bancshares raised their price objective on Devon Energy from $62.00 to $73.00 in a research note on Monday, April 25th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $76.24.

Devon Energy Profile

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Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 5,134 gross wells. Devon Energy Corporation was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

See Also

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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