Swiss National Bank Purchases 96,300 Shares of Devon Energy Corporation $DVN

Swiss National Bank lifted its holdings in Devon Energy Corporation (NYSE:DVN) by 5.8% in the first quarter, HoldingsChannel reports. The fund owned 1,748,939 shares of the energy company’s stock after buying an additional 96,300 shares during the period. Swiss National Bank’s holdings in Devon Energy were worth $88,007,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in DVN. Pacer Advisors Inc. boosted its position in Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after buying an additional 6,097,658 shares during the period. Panagora Asset Management Inc. increased its holdings in shares of Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after buying an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC increased its holdings in shares of 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 buying an additional 3,195,862 shares during the period. AQR Capital Management LLC lifted its stake in shares of Devon Energy by 78.7% in the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Devon Energy by 608.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock valued at $98,721,000 after acquiring an additional 2,314,843 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.1%

NYSE:DVN opened at $43.80 on Tuesday. The firm’s 50-day moving average price is $44.32 and its 200-day moving average price is $44.18. The company has a market capitalization of $27.22 billion, a PE ratio of 12.20 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. 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 quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period last year, the business earned $0.82 EPS. The firm’s quarterly revenue was down 14.5% on a year-over-year basis. On average, equities analysts predict that Devon Energy Corporation will post 4.61 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.9%. Devon Energy’s payout ratio is presently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 112,371 shares of company stock worth $5,258,059. Company insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on DVN shares. Mizuho raised their target price on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Truist Financial lowered their price target on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a report on Thursday, July 9th. Argus increased their price target on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Wall Street Zen lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. Finally, Barclays boosted their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.32.

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.