Brasada Capital Management LP Invests $518,000 in Devon Energy Corporation $DVN

Brasada Capital Management LP acquired a new position in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 12,530 shares of the energy company’s stock, valued at approximately $518,000.

A number of other large investors have also recently added to or reduced their stakes in the business. Woodline Partners LP grew its position in shares of Devon Energy by 98.8% in the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after purchasing an additional 57,555 shares during the last quarter. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth approximately $403,000. Jump Financial LLC raised its position in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares during the last quarter. Daiwa Securities Group Inc. raised its position in shares of Devon Energy by 17.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Devon Energy by 6.0% during the 2nd quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.7%

Shares of NYSE DVN opened at $47.16 on Friday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The firm’s 50 day moving average price is $44.09 and its 200 day moving average price is $45.61. The firm has a market cap of $51.88 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.29 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 earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the previous year, the company earned $0.84 EPS. Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. As a group, sell-side analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

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

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value 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. This 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 the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Morgan Stanley lowered their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Wells Fargo & Company cut their price target on Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Barclays reduced their price objective on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Citigroup increased their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Finally, Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

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.