State of Wisconsin Investment Board increased its stake in Devon Energy Corp (NYSE:DVN) by 0.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 610,028 shares of the energy company’s stock after purchasing an additional 2,980 shares during the quarter. State of Wisconsin Investment Board owned approximately 0.12% of Devon Energy worth $26,817,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of DVN. BlackRock Inc. grew its stake in Devon Energy by 13.9% in the 1st quarter. BlackRock Inc. now owns 48,396,258 shares of the energy company’s stock valued at $1,538,516,000 after buying an additional 5,917,573 shares in the last quarter. Diamond Hill Capital Management Inc. grew its stake in Devon Energy by 121.2% in the 1st quarter. Diamond Hill Capital Management Inc. now owns 7,885,465 shares of the energy company’s stock valued at $250,679,000 after buying an additional 4,320,329 shares in the last quarter. Victory Capital Management Inc. grew its stake in Devon Energy by 18.4% in the 1st quarter. Victory Capital Management Inc. now owns 7,388,286 shares of the energy company’s stock valued at $234,874,000 after buying an additional 1,150,082 shares in the last quarter. American Century Companies Inc. grew its stake in Devon Energy by 46.8% in the 1st quarter. American Century Companies Inc. now owns 6,509,525 shares of the energy company’s stock valued at $206,938,000 after buying an additional 2,076,096 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC grew its stake in Devon Energy by 4.7% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 6,496,237 shares of the energy company’s stock valued at $206,515,000 after buying an additional 293,877 shares in the last quarter. 83.02% of the stock is currently owned by institutional investors.

In other news, Director John E. Bethancourt purchased 12,000 shares of Devon Energy stock in a transaction dated Thursday, June 7th. The stock was purchased at an average cost of $41.90 per share, for a total transaction of $502,800.00. Following the transaction, the director now directly owns 56,469 shares of the company’s stock, valued at $2,366,051.10. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Lyndon C. Taylor sold 18,357 shares of the business’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $42.09, for a total transaction of $772,646.13. Following the transaction, the executive vice president now owns 95,223 shares of the company’s stock, valued at $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is owned by insiders.

Devon Energy opened at $42.84 on Friday, according to MarketBeat Ratings. The firm has a market cap of $21.41 billion, a PE ratio of 68.00, a PEG ratio of 3.66 and a beta of 2.18. The company has a quick ratio of 1.65, a current ratio of 1.65 and a debt-to-equity ratio of 0.45. Devon Energy Corp has a one year low of $29.78 and a one year high of $46.54.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, July 31st. The energy company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The firm had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same quarter last year, the firm earned $0.80 earnings per share. sell-side analysts forecast that Devon Energy Corp will post 1.64 EPS for the current fiscal year.

Devon Energy announced that its board has initiated a share repurchase program on Tuesday, May 1st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the energy company to purchase up to 5.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be given a dividend of $0.08 per share. The ex-dividend date is Thursday, September 13th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.75%. Devon Energy’s dividend payout ratio (DPR) is currently 50.79%.

A number of research analysts recently weighed in on the stock. ValuEngine upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, June 27th. BMO Capital Markets reiterated a “buy” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Tuesday, August 7th. Jefferies Financial Group set a $52.00 price objective on shares of Devon Energy and gave the company a “buy” rating in a research note on Friday. Zacks Investment Research upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating and set a $48.00 price objective for the company in a research note on Monday, June 18th. Finally, B. Riley lifted their price objective on shares of Devon Energy from $37.00 to $47.00 and gave the company a “neutral” rating in a research note on Monday, June 11th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $48.95.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.

Further Reading: Price to Earnings Ratio (PE)

Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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