Canada Post Corp Registered Pension Plan Boosts Stake in Devon Energy Corporation $DVN

Canada Post Corp Registered Pension Plan increased its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 433.2% during the second quarter, Holdings Channel.com reports. The fund owned 142,348 shares of the energy company’s stock after buying an additional 115,650 shares during the period. Canada Post Corp Registered Pension Plan’s holdings in Devon Energy were worth $5,882,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. Independent Financial Group LLC raised its holdings in Devon Energy by 86.5% in the 2nd quarter. Independent Financial Group LLC now owns 30,262 shares of the energy company’s stock worth $1,250,000 after purchasing an additional 14,039 shares during the period. Security National Bank increased its position in shares of Devon Energy by 5.4% in the second quarter. Security National Bank now owns 17,106 shares of the energy company’s stock valued at $707,000 after buying an additional 876 shares in the last quarter. Hartford Investment Management Co. increased its position in shares of Devon Energy by 80.0% in the second quarter. Hartford Investment Management Co. now owns 63,718 shares of the energy company’s stock valued at $2,633,000 after buying an additional 28,315 shares in the last quarter. Westwind Capital raised its stake in shares of Devon Energy by 1,300.8% during the 2nd quarter. Westwind Capital now owns 27,637 shares of the energy company’s stock worth $1,142,000 after buying an additional 25,664 shares during the period. Finally, Cliftonlarsonallen Wealth Advisors LLC raised its stake in shares of Devon Energy by 5.2% during the 2nd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 104,931 shares of the energy company’s stock worth $4,336,000 after buying an additional 5,229 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on DVN. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Argus upped their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, June 10th. Roth Capital reaffirmed a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $59.60.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 0.8%

NYSE DVN opened at $44.48 on Friday. The business has a fifty day moving average price of $43.37 and a 200 day moving average price of $45.13. 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 cap of $48.93 billion, a P/E ratio of 10.57 and a beta of 0.38. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter in the previous year, the company posted $0.84 EPS. The firm’s quarterly revenue was up 73.1% on a year-over-year basis. Research analysts anticipate that Devon Energy Corporation will post 4.95 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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

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.