Canada Pension Plan Investment Board Buys Shares of 774,926 Devon Energy Corporation $DVN

Canada Pension Plan Investment Board bought a new position in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 774,926 shares of the energy company’s stock, valued at approximately $32,020,000. Canada Pension Plan Investment Board owned about 0.07% of Devon Energy at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy in the 4th quarter valued at approximately $25,000. JFS Wealth Advisors LLC raised its position in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares in the last quarter. KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy in the second quarter valued at approximately $29,000. GoalVest Advisory LLC acquired a new stake in Devon Energy in the second quarter valued at approximately $30,000. Finally, SouthState Bank Corp grew its position in Devon Energy by 173.6% in the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after acquiring an additional 486 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

DVN has been the topic of several analyst reports. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. UBS Group decreased their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Jefferies Financial Group increased their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. Finally, Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a research report on Monday, June 22nd. 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. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $47.42 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm has a fifty day simple moving average of $44.19 and a 200-day simple moving average of $45.62. The stock has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. During the same period last year, the business posted $0.84 EPS. On average, sell-side analysts expect that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

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 given 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 currently 30.40%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.58% of the company’s stock.

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.