KBC Group NV Grows Position in Devon Energy Corporation $DVN

KBC Group NV raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 46.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 128,174 shares of the energy company’s stock after acquiring an additional 40,805 shares during the period. KBC Group NV’s holdings in Devon Energy were worth $5,296,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Woodline Partners LP grew its stake in shares of Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC bought a new position in shares of Devon Energy during the second quarter valued at about $403,000. Jump Financial LLC boosted its holdings in Devon Energy by 58.8% during the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in Devon Energy by 17.8% during the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC grew its position in Devon Energy by 6.0% in the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN stock opened at $45.83 on Friday. 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 firm has a market cap of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The firm’s 50-day simple moving average is $43.40 and its two-hundred day simple moving average is $45.14.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the firm earned $0.84 EPS. The company’s revenue was up 73.1% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy’s dividend payout ratio is presently 30.40%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on DVN shares. Morgan Stanley decreased 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 note on Friday, June 26th. UBS Group reduced their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. The Goldman Sachs Group decreased their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Roth Capital reiterated a “buy” rating and set a $57.00 price target on shares of Devon Energy in a report on Tuesday, April 28th. Finally, Citigroup boosted their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average 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.