Saudi Central Bank Purchases 54,772 Shares of Devon Energy Corporation $DVN

Saudi Central Bank grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 249.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,769 shares of the energy company’s stock after purchasing an additional 54,772 shares during the quarter. Saudi Central Bank’s holdings in Devon Energy were worth $3,172,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Angeles Wealth Management LLC acquired a new position in shares of Devon Energy in the second quarter valued at approximately $205,000. Compass Financial Management LLC bought a new stake in Devon Energy during the 2nd quarter worth approximately $166,000. AlphaGrep UK Ltd acquired a new position in Devon Energy in the 2nd quarter valued at approximately $725,000. Shah Wealth Advisors LLC bought a new position in shares of Devon Energy during the second quarter valued at $385,000. Finally, Markowski Investments bought a new position in shares of Devon Energy during the second quarter valued at $450,000. 69.72% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction on Wednesday, June 10th. The shares were 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 in the company, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wells Fargo & Company reduced their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Jefferies Financial Group raised their target price on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. UBS Group cut their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. JPMorgan Chase & Co. reduced their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Finally, Mizuho increased their price target on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.23.

Devon Energy Trading Up 0.0%

Shares of DVN stock opened at $48.08 on Tuesday. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two 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. The stock has a 50 day simple moving average of $44.91 and a two-hundred day simple moving average of $45.82. The company has a market cap of $52.89 billion, a P/E ratio of 11.42, a PEG ratio of 1.31 and a beta of 0.37.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. The company 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 company’s quarterly revenue was up 73.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.84 EPS. Research analysts forecast that Devon Energy Corporation will post 5.24 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date 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.