Segment Wealth Management LLC Purchases 85,854 Shares of Devon Energy Corporation $DVN

Segment Wealth Management LLC raised its position in Devon Energy Corporation (NYSE:DVN) by 1,555.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 91,373 shares of the energy company’s stock after acquiring an additional 85,854 shares during the quarter. Segment Wealth Management LLC’s holdings in Devon Energy were worth $3,776,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares during the period. Panagora Asset Management Inc. raised its position in Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC lifted its holdings in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after buying an additional 3,195,862 shares during the period. AQR Capital Management LLC lifted its holdings in Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its position in shares of Devon Energy by 92.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after buying an additional 2,485,603 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.8%

NYSE DVN opened at $44.48 on Friday. 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 twelve month low of $31.47 and a twelve month high of $52.71. The firm has a market capitalization of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. The stock’s 50 day moving average is $43.37 and its 200 day moving average is $45.13.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The firm’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.84 earnings per share. Research analysts forecast that Devon Energy Corporation will post 4.95 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DVN shares. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a report on Wednesday, June 10th. Jefferies Financial Group boosted their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Capital One Financial decreased their price objective on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Finally, Susquehanna raised their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.60.

Insider Transactions 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 shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.58% of the stock is currently owned by company 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.