Pingora Partners LLC Acquires Shares of 110,705 Devon Energy Corporation $DVN

Pingora Partners LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 110,705 shares of the energy company’s stock, valued at approximately $4,574,000. Devon Energy comprises 2.7% of Pingora Partners LLC’s holdings, making the stock its 4th largest holding.

Several other hedge funds have also recently modified their holdings of the stock. Ausdal Financial Partners Inc. bought a new position in shares of Devon Energy during the second quarter worth $580,000. Bank of America Corp DE bought a new stake in Devon Energy in the 2nd quarter valued at $421,226,000. Man Group plc bought a new stake in Devon Energy in the 2nd quarter valued at $20,528,000. First Bancorp Inc ME purchased a new stake in Devon Energy in the 2nd quarter worth $31,000. Finally, Jupiter Topco LLC purchased a new stake in Devon Energy in the 2nd quarter worth $21,260,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Raymond James Financial decreased their target price 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. Wells Fargo & Company dropped their price target on Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Finally, Mizuho raised their price target on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $59.15.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy 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 transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.58% of the stock is owned by insiders.

Devon Energy Stock Performance

Devon Energy stock opened at $46.82 on Thursday. The company’s 50-day moving average price is $43.99 and its 200-day moving average price is $45.59. 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 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company has a market cap of $51.50 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 1.29 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.84 EPS. On average, equities research analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

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.