MidFirst Bank Makes New $927,000 Investment in Devon Energy Corporation $DVN

MidFirst Bank purchased a new position in Devon Energy Corporation (NYSE:DVN) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,314 shares of the energy company’s stock, valued at approximately $927,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Accredited Wealth Management LLC raised its stake in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after acquiring an additional 308 shares during the period. Ameriflex Group Inc. boosted its stake in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares during the period. MV Capital Management Inc. acquired a new position in Devon Energy in the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy during the fourth quarter valued at approximately $29,000. Finally, Neo Ivy Capital Management bought a new position in shares of Devon Energy during the third quarter valued at approximately $31,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business’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 value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by corporate insiders.

Devon Energy Trading Up 0.2%

Shares of DVN stock opened at $42.21 on Friday. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The firm has a market capitalization of $26.23 billion, a PE ratio of 11.76 and a beta of 0.37. The stock has a fifty day moving average of $46.38 and a two-hundred day moving average of $43.31. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for 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 revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.82 earnings per share. As a group, research analysts expect that Devon Energy Corporation will post 4.97 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. Devon Energy’s payout ratio is presently 35.65%.

Analyst Ratings Changes

Several analysts recently issued reports on DVN shares. Sanford C. Bernstein raised their price target on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a report on Monday, April 13th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, June 13th. Jefferies Financial Group raised their target price on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Susquehanna raised their target price on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Finally, Raymond James Financial reduced their price target on shares of Devon Energy from $72.00 to $66.00 and set a “strong-buy” rating for the company in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.44.

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.