Grandfield & Dodd LLC Has $14.63 Million Stake in Devon Energy Corporation $DVN

Grandfield & Dodd LLC raised its stake in Devon Energy Corporation (NYSE:DVN) by 16.1% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 354,110 shares of the energy company’s stock after purchasing an additional 49,153 shares during the period. Grandfield & Dodd LLC’s holdings in Devon Energy were worth $14,632,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Quent Capital LLC increased its stake in Devon Energy by 82.3% during the 2nd quarter. Quent Capital LLC now owns 8,305 shares of the energy company’s stock valued at $343,000 after purchasing an additional 3,749 shares in the last quarter. Oarsman Capital Inc. purchased a new stake in shares of Devon Energy during the second quarter valued at approximately $412,000. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. Pallas Capital Advisors LLC boosted its stake in Devon Energy by 7.2% in the second quarter. Pallas Capital Advisors LLC now owns 40,004 shares of the energy company’s stock valued at $1,653,000 after acquiring an additional 2,696 shares during the last quarter. Finally, Deutsche Bank AG grew its stake in shares of Devon Energy by 34.4% during the 2nd quarter. Deutsche Bank AG now owns 7,078,952 shares of the energy company’s stock worth $292,502,000 after acquiring an additional 1,811,066 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Argus restated a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday. Roth Capital reissued a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Finally, UBS Group decreased their target price on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Stock Up 3.9%

NYSE DVN opened at $47.62 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a market capitalization of $52.38 billion, a P/E ratio of 11.31 and a beta of 0.38. The stock’s 50-day moving average price is $43.45 and its 200-day moving average price is $45.24.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping 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 business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same period in the prior year, the business posted $0.84 earnings per share. The company’s revenue was up 73.1% on a year-over-year basis. On average, equities research analysts predict that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The stock was 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 approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.58% of the stock is currently owned by insiders.

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.