Pine Valley Investments Ltd Liability Co Acquires 42,465 Shares of Devon Energy Corporation $DVN

Pine Valley Investments Ltd Liability Co raised its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 467.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 51,553 shares of the energy company’s stock after purchasing an additional 42,465 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Devon Energy were worth $2,594,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy in the 4th quarter worth about $25,000. MV Capital Management Inc. bought a new position in Devon Energy during the 4th quarter valued at about $29,000. Garton & Associates Financial Advisors LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $29,000. Elyxium Wealth LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $31,000. Finally, DV Equities LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at about $32,000. Institutional investors own 69.72% of the company’s stock.

Insider Activity

In related 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 transaction of $3,267,553.14. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last 90 days. Company insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $44.59 on Tuesday. The firm’s 50 day moving average price is $43.58 and its 200-day moving average price is $44.75. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $27.71 billion, a PE ratio of 12.42 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the previous year, the business posted $0.82 EPS. The business’s quarterly revenue was down 14.5% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.32 per share. The ex-dividend date was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio is 35.65%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on DVN. Scotiabank boosted their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, June 10th. Barclays lifted their target price on shares of Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

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.