Commerce Bank Buys Shares of 63,086 Devon Energy Corporation $DVN

Commerce Bank bought a new position in Devon Energy Corporation (NYSE:DVN) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 63,086 shares of the energy company’s stock, valued at approximately $2,607,000.

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

Devon Energy Price Performance

Shares of Devon Energy stock opened at $48.22 on Tuesday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The stock’s fifty day moving average is $43.82 and its 200 day moving average is $45.54. The stock has a market cap of $53.05 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.35 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

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 the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

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 given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. UBS Group dropped their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Raymond James Financial lowered their target price on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Capital One Financial cut their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research note on Tuesday, June 2nd. Jefferies Financial Group increased their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Argus reissued a “buy” rating and issued a $45.85 price objective on shares of Devon Energy in a report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.15.

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.