Devon Energy Corporation $DVN Stock Sold by Ninety One UK Ltd

Ninety One UK Ltd trimmed its position in shares of Devon Energy Corporation (NYSE:DVN) by 27.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 647,110 shares of the energy company’s stock after selling 244,811 shares during the period. Ninety One UK Ltd’s holdings in Devon Energy were worth $29,793,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares in the last quarter. State Street Corp grew its position in Devon Energy by 89.8% during the second quarter. State Street Corp now owns 73,179,266 shares of the energy company’s stock valued at $3,023,767,000 after acquiring an additional 34,615,088 shares during the last quarter. Wellington Management Group LLP grew its position in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after acquiring an additional 235,561 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Devon Energy during the second quarter worth approximately $421,226,000. Institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other news, CEO Clay Gaspar bought 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The shares were purchased at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the acquisition, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction on Monday, September 14th. The stock was sold at an average price of $50.95, for a total transaction of $344,218.20. Following the completion of the transaction, the executive vice president directly owned 72,720 shares in the company, valued at approximately $3,705,084. The trade was a 8.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 4.58% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets restated an “outperform” rating and issued a $67.00 price objective on shares of Devon Energy in a report on Tuesday, October 6th. Scotiabank assumed coverage on shares of Devon Energy in a research note on Wednesday. They issued a “sector outperform” rating and a $61.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Devon Energy from $60.00 to $65.00 and gave the company an “overweight” rating in a report on Friday, October 2nd. Weiss Ratings raised shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, The Goldman Sachs Group decreased their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.84.

Devon Energy Price Performance

DVN opened at $49.27 on Friday. The stock’s 50 day simple moving average is $47.91 and its 200 day simple moving average is $46.29. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm has a market cap of $54.19 billion, a price-to-earnings ratio of 11.70, a PEG ratio of 1.32 and a beta of 0.49.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the previous year, the firm earned $0.84 EPS. The business’s quarterly revenue was up 73.1% on a year-over-year basis. As a group, analysts predict that Devon Energy Corporation will post 5.39 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were issued a $0.32 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.