Trust Co. of Vermont Buys Shares of 28,108 Devon Energy Corporation $DVN

Trust Co. of Vermont bought a new position in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 28,108 shares of the energy company’s stock, valued at approximately $1,161,000.

Several other hedge funds also recently modified their holdings of the business. Pacer Advisors Inc. boosted its holdings in Devon Energy by 2,108.0% in 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 in the last quarter. Bank of New York Mellon Corp increased its position in Devon Energy by 137.4% during the second quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock worth $397,834,000 after buying an additional 5,573,172 shares during the last quarter. Panagora Asset Management Inc. raised its holdings in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after buying an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC raised its holdings in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after buying an additional 3,195,862 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Devon Energy by 78.7% in the second 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 last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, June 10th. Morgan Stanley cut their price objective on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. UBS Group reduced their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. The Goldman Sachs Group decreased their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Finally, Susquehanna upped their target price on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.15.

Insider Activity 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 stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.58% of the stock is currently owned by company insiders.

Devon Energy Trading Up 0.6%

Shares of NYSE:DVN opened at $47.84 on Wednesday. The company has a market cap of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38. The stock’s 50-day moving average is $43.52 and its 200-day moving average is $45.30. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same period in the previous year, the company posted $0.84 earnings per share. The firm’s revenue for the quarter was up 73.1% on a year-over-year basis. Equities research analysts predict that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s payout ratio is 30.40%.

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.