WNY Asset Management LLC Takes $1.07 Million Position in Devon Energy Corporation $DVN

WNY Asset Management LLC purchased a new stake in Devon Energy Corporation (NYSE:DVN) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 21,218 shares of the energy company’s stock, valued at approximately $1,068,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its stake in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after buying an additional 186,743 shares during the period. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after buying an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after buying an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC lifted its holdings in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after buying an additional 3,195,862 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have commented on DVN shares. Roth Capital reaffirmed a “buy” rating and set a $57.00 target price on shares of Devon Energy in a report on Tuesday, April 28th. The Goldman Sachs Group decreased their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Raymond James Financial dropped their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Morgan Stanley cut their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Finally, Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Insider Transactions at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was 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. This trade represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,371 shares of company stock valued at $5,258,059 over the last 90 days. 4.58% of the stock is owned by company insiders.

Devon Energy Trading Up 2.1%

Shares of NYSE DVN opened at $45.08 on Friday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The stock has a market cap of $28.01 billion, a price-to-earnings ratio of 12.56 and a beta of 0.38. 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 company’s fifty day moving average is $43.64 and its 200-day moving average is $44.63.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm 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%. Devon Energy’s quarterly revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.82 EPS. Equities research analysts predict 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. Shareholders of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio is currently 35.65%.

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.