Devon Energy Corporation $DVN Shares Purchased by GAMMA Investing LLC

GAMMA Investing LLC grew its position in Devon Energy Corporation (NYSE:DVN) by 33.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,993 shares of the energy company’s stock after purchasing an additional 6,565 shares during the period. GAMMA Investing LLC’s holdings in Devon Energy were worth $827,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in DVN. Vanguard Group Inc. boosted its position in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock worth $3,096,000,000 after buying an additional 2,098,568 shares during the period. Victory Capital Management Inc. raised its stake in Devon Energy by 12.9% during the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after acquiring an additional 1,315,050 shares in the last quarter. Northern Trust Corp boosted its position in Devon Energy by 5.1% during the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock worth $245,987,000 after acquiring an additional 316,460 shares during the period. Ameriprise Financial Inc. grew its stake in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock worth $188,131,000 after purchasing an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock worth $176,036,000 after purchasing an additional 354,633 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the transaction, the director owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This trade represents a 19.46% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on DVN shares. Mizuho reduced their price objective on shares of Devon Energy from $43.00 to $40.00 and set an “outperform” rating for the company in a report on Monday, September 15th. Siebert Williams Shank upped their price target on shares of Devon Energy from $47.00 to $52.00 and gave the stock a “buy” rating in a research note on Monday, June 23rd. Wolfe Research increased their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the company an “outperform” rating in a report on Monday, June 23rd. Barclays raised their price objective on shares of Devon Energy from $40.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. Finally, Bernstein Bank decreased their price target on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 7th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $44.04.

Devon Energy Stock Up 2.2%

DVN stock opened at $34.46 on Wednesday. The firm has a market cap of $21.87 billion, a PE ratio of 7.73, a P/E/G ratio of 1.96 and a beta of 1.09. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a 50 day simple moving average of $34.02 and a 200 day simple moving average of $33.13.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.41 earnings per share. Equities research analysts forecast that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is 21.52%.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.