Goelzer Investment Management Inc. Invests $1.24 Million in Devon Energy Corporation $DVN

Goelzer Investment Management Inc. acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel reports. The firm acquired 30,063 shares of the energy company’s stock, valued at approximately $1,242,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Pacer Advisors Inc. boosted its stake 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 purchasing an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. boosted its holdings in 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 valued at $132,206,000 after acquiring an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC grew its position in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after buying an additional 3,195,862 shares during the period. AQR Capital Management LLC grew its holdings in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Devon Energy by 92.2% in 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 purchasing an additional 2,485,603 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Truist Financial increased their target price on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Wall Street Zen cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Capital One Financial lowered their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Finally, Jefferies Financial Group upped their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Price Performance

Shares of NYSE DVN opened at $44.87 on Thursday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm has a market cap of $27.88 billion, a P/E ratio of 10.66 and a beta of 0.38. The business’s 50 day moving average is $43.40 and its 200-day moving average is $45.09.

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, beating analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during 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. Equities research analysts predict that Devon Energy Corporation will post 4.91 earnings per share for the current year.

Devon Energy Announces Dividend

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

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the 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 sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 4.58% of the stock is owned by corporate insiders.

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.