Royal London Asset Management Ltd. acquired a new position in Devon Energy Corp (NYSE:DVN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 215,616 shares of the energy company’s stock, valued at approximately $9,480,000.

Other institutional investors have also modified their holdings of the company. Verition Fund Management LLC boosted its position in Devon Energy by 24.7% during the first quarter. Verition Fund Management LLC now owns 6,300 shares of the energy company’s stock valued at $200,000 after acquiring an additional 1,249 shares during the last quarter. Blair William & Co. IL boosted its position in Devon Energy by 5.5% during the first quarter. Blair William & Co. IL now owns 24,811 shares of the energy company’s stock valued at $789,000 after acquiring an additional 1,283 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Devon Energy by 18.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,696 shares of the energy company’s stock valued at $382,000 after acquiring an additional 1,382 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Devon Energy by 2.3% during the first quarter. Nomura Asset Management Co. Ltd. now owns 72,194 shares of the energy company’s stock valued at $2,295,000 after acquiring an additional 1,620 shares during the last quarter. Finally, Private Asset Management Inc. boosted its position in Devon Energy by 3.4% during the second quarter. Private Asset Management Inc. now owns 49,015 shares of the energy company’s stock valued at $1,558,000 after acquiring an additional 1,630 shares during the last quarter. 83.99% of the stock is currently owned by institutional investors.

DVN opened at $40.55 on Monday. The company has a current ratio of 1.65, a quick ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy Corp has a fifty-two week low of $29.83 and a fifty-two week high of $46.54. The stock has a market capitalization of $20.63 billion, a P/E ratio of 64.37, a price-to-earnings-growth ratio of 3.55 and a beta of 2.24.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.37 by ($0.03). Devon Energy had a positive return on equity of 5.52% and a negative net margin of 1.60%. The business had revenue of $2.25 billion during the quarter, compared to analyst estimates of $3.96 billion. During the same quarter in the prior year, the company earned $0.80 EPS. equities analysts forecast that Devon Energy Corp will post 1.63 EPS for the current fiscal year.

Devon Energy announced that its board has authorized a share buyback program on Wednesday, June 6th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the energy company to buy up to 14.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 28th. Investors of record on Friday, December 14th will be issued a $0.08 dividend. The ex-dividend date is Thursday, December 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.79%. Devon Energy’s dividend payout ratio is presently 50.79%.

In related news, Director Robert H. Henry sold 5,600 shares of the company’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the sale, the director now owns 9,704 shares in the company, valued at approximately $408,926.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.55% of the company’s stock.

A number of analysts have commented on the stock. Susquehanna Bancshares cut their price target on shares of Devon Energy from $54.00 to $53.00 and set a “positive” rating on the stock in a research report on Wednesday, August 1st. Barclays assumed coverage on shares of Devon Energy in a research report on Wednesday, August 29th. They set an “overweight” rating and a $49.00 price target on the stock. Zacks Investment Research cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. M Partners upped their price target on shares of Devon Energy to $44.00 and gave the company a “neutral” rating in a research report on Friday, June 8th. Finally, Jefferies Financial Group set a $53.00 price target on shares of Devon Energy and gave the company a “buy” rating in a research report on Wednesday, July 18th. Nine research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $50.23.

Devon Energy Profile

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 and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

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

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