Devon Energy Corporation $DVN Shares Bought by Greenleaf Trust

Greenleaf Trust increased its stake in Devon Energy Corporation (NYSE:DVN) by 47.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,671 shares of the energy company’s stock after acquiring an additional 10,515 shares during the period. Greenleaf Trust’s holdings in Devon Energy were worth $1,350,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Kimmeridge Energy Management Company LLC raised its position in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. LSV Asset Management boosted its position in shares of Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Morningstar Investment Management LLC bought a new position in shares of Devon Energy during the 4th quarter valued at about $2,089,000. Illinois Municipal Retirement Fund grew its stake in shares of Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after purchasing an additional 80,000 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DVN. Barclays dropped their price target on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Argus restated a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Weiss Ratings lowered Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Finally, Wells Fargo & Company cut their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.23.

Devon Energy Stock Performance

Devon Energy stock opened at $48.58 on Tuesday. The firm’s 50 day simple moving average is $44.31 and its 200-day simple moving average is $45.67. The company has a market cap of $53.44 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly 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%. The firm’s revenue was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 earnings per share. As a group, equities research analysts predict that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction on 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 directly owned 138,529 shares of the company’s stock, valued at $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 is available through this hyperlink. 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.