Healthcare of Ontario Pension Plan Trust Fund Has $70 Million Stake in Devon Energy Corporation $DVN

Healthcare of Ontario Pension Plan Trust Fund lifted its position in Devon Energy Corporation (NYSE:DVN) by 131.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 1,910,965 shares of the energy company’s stock after acquiring an additional 1,085,836 shares during the period. Healthcare of Ontario Pension Plan Trust Fund’s holdings in Devon Energy were worth $69,999,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of DVN. Accredited Wealth Management LLC raised its stake in shares of Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares in the last quarter. Ameriflex Group Inc. raised its stake in shares of Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after purchasing an additional 702 shares in the last quarter. Neo Ivy Capital Management acquired a new position in shares of Devon Energy in the third quarter valued at $31,000. Olistico Wealth LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at $31,000. Finally, Elyxium Wealth LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at $31,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Down 0.1%

Shares of NYSE DVN opened at $45.26 on Monday. The stock has a market cap of $28.13 billion, a PE ratio of 12.61 and a beta of 0.38. The business has a fifty day moving average of $47.04 and a two-hundred day moving average of $43.14. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 earnings per share. As a group, equities research analysts expect that Devon Energy Corporation will post 4.73 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Truist Financial upped their target price on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Piper Sandler upped their target price on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Capital One Financial cut their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. Finally, TD Cowen increased their price objective on Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a research note on Tuesday, March 17th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Insider Transactions at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% 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. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

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.