Encompass Capital Advisors LLC Purchases Shares of 517,600 Devon Energy Corporation $DVN

Encompass Capital Advisors LLC acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 517,600 shares of the energy company’s stock, valued at approximately $26,046,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. Woodline Partners LP boosted its position in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC bought a new stake in Devon Energy during the second quarter worth $403,000. Jump Financial LLC raised its position in Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after buying an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after buying an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after buying an additional 8,127 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 Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by company insiders.

Devon Energy Stock Down 4.3%

DVN stock opened at $43.12 on Tuesday. The stock’s fifty day simple moving average is $43.96 and its two-hundred day simple moving average is $44.45. 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 Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The stock has a market cap of $26.80 billion, a P/E ratio of 12.01 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced 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). The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. Analysts expect that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.32 per share. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 3.0%. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DVN shares. Raymond James Financial cut their price objective on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Royal Bank Of Canada increased their target price on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Scotiabank raised their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. UBS Group dropped their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Finally, Zacks Research cut shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Two research 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. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $59.56.

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.