Stolper Co Acquires 118,322 Shares of Devon Energy Corporation $DVN

Stolper Co raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 274.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 161,439 shares of the energy company’s stock after acquiring an additional 118,322 shares during the quarter. Devon Energy makes up approximately 1.7% of Stolper Co’s holdings, making the stock its 24th largest position. Stolper Co’s holdings in Devon Energy were worth $6,671,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in DVN. Pacer Advisors Inc. boosted its holdings in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after acquiring an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after acquiring an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC increased its position in Devon Energy by 56.5% during 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 acquiring an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC grew its position in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after buying an additional 2,485,603 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Down 1.2%

NYSE DVN opened at $44.87 on Thursday. The stock has a 50 day moving average price of $43.40 and a 200-day moving average price of $45.09. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market capitalization of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.84 earnings per share. As a group, equities analysts predict that Devon Energy Corporation will post 4.91 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were 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 $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 4.58% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms have commented on DVN. Scotiabank raised their target price on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research note on Wednesday, April 22nd. Barclays upped their price objective on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. UBS Group cut their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Wolfe Research set a $67.00 price target 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 issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $59.60.

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.