Readystate Asset Management LP Purchases New Holdings in Devon Energy Corporation $DVN

Readystate Asset Management LP acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 76,766 shares of the energy company’s stock, valued at approximately $3,863,000.

Several other large investors have also recently made changes to their positions in the business. Royal Bank of Canada increased its position in Devon Energy by 20.5% during the 1st quarter. Royal Bank of Canada now owns 2,747,768 shares of the energy company’s stock valued at $138,268,000 after buying an additional 468,064 shares in the last quarter. Regal Partners Ltd bought a new stake in Devon Energy in the first quarter worth $1,119,000. Encompass Capital Advisors LLC purchased a new stake in shares of Devon Energy in the first quarter worth $26,046,000. Excelsior Advisor Network LLC bought a new position in shares of Devon Energy during the first quarter valued at $254,000. Finally, Quantinno Capital Management LP raised its position in shares of Devon Energy by 13.1% in the 1st quarter. Quantinno Capital Management LP now owns 552,469 shares of the energy company’s stock worth $27,800,000 after purchasing an additional 63,942 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 1.0%

DVN opened at $42.72 on Wednesday. The stock has a market capitalization of $26.55 billion, a price-to-earnings ratio of 11.90 and a beta of 0.38. The firm has a 50 day moving average price of $43.82 and a 200-day moving average price of $44.51. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same period last year, the firm posted $0.82 EPS. Equities research analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 3.0%. Devon Energy’s dividend payout ratio is presently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on DVN shares. 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 note on Monday, May 18th. Argus lifted their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. UBS Group cut their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Finally, Raymond James Financial lowered their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Two 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 MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

Devon Energy Company 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.