Pacific Heights Asset Management LLC Acquires 100,000 Shares of Devon Energy Corporation $DVN

Pacific Heights Asset Management LLC boosted its stake in Devon Energy Corporation (NYSE:DVN) by 25.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 500,000 shares of the energy company’s stock after purchasing an additional 100,000 shares during the period. Pacific Heights Asset Management LLC owned about 0.08% of Devon Energy worth $15,905,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of DVN. GAMMA Investing LLC lifted its holdings in Devon Energy by 64.9% during the 1st quarter. GAMMA Investing LLC now owns 19,428 shares of the energy company’s stock worth $727,000 after buying an additional 7,648 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in Devon Energy during the 1st quarter worth about $385,000. Advisor Resource Council acquired a new position in Devon Energy during the 1st quarter worth about $253,000. Kentucky Retirement Systems Insurance Trust Fund lifted its holdings in Devon Energy by 34.0% during the 1st quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 18,112 shares of the energy company’s stock worth $677,000 after buying an additional 4,597 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Devon Energy by 17.8% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 294,858 shares of the energy company’s stock worth $11,028,000 after buying an additional 44,601 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Up 0.4%

DVN opened at $32.07 on Wednesday. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $40.54. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a market cap of $20.36 billion, a P/E ratio of 7.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.03. The company has a fifty day moving average price of $34.48 and a two-hundred day moving average price of $32.92.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the previous year, the firm posted $1.41 earnings per share. The business’s revenue was up 9.4% compared to the same quarter last year. Analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 3.0%. Devon Energy’s payout ratio is presently 21.52%.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. Wells Fargo & Company cut their target price on Devon Energy from $43.00 to $37.00 and set an “overweight” rating on the stock in a report on Friday, October 17th. William Blair initiated coverage on shares of Devon Energy in a report on Monday, August 25th. They issued an “outperform” rating on the stock. Evercore ISI boosted their target price on shares of Devon Energy from $34.00 to $37.00 and gave the company an “in-line” rating in a report on Monday, October 6th. Susquehanna dropped their target price on shares of Devon Energy to $41.00 and set a “positive” rating on the stock in a report on Monday. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Devon Energy in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $43.14.

Insider Activity at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the business’s stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares of the company’s stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.73% of the stock is currently owned by insiders.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.