Gallacher Capital Management LLC Purchases New Shares in Devon Energy Corporation $DVN

Gallacher Capital Management LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 21,791 shares of the energy company’s stock, valued at approximately $1,097,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Woodline Partners LP grew its holdings 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 worth $4,330,000 after buying an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC acquired a new stake in Devon Energy during the 2nd quarter worth approximately $403,000. Jump Financial LLC lifted its position in Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of 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 purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its stake in shares of 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 purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated 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 directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,371 shares of company stock valued at $5,258,059 in the last ninety days. 4.58% of the stock is currently owned by company insiders.

Devon Energy Stock Up 0.2%

DVN opened at $43.03 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The business has a 50 day simple moving average of $44.41 and a 200-day simple moving average of $44.07. The stock has a market capitalization of $26.74 billion, a P/E ratio of 11.99 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results 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). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the firm earned $0.82 earnings per share. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities analysts anticipate that Devon Energy Corporation will post 4.69 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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

Analysts Set New Price Targets

Several research firms have recently commented on DVN. Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. Barclays boosted their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Morgan Stanley cut their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Finally, Mizuho raised their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $59.32.

Devon Energy 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.