Van ECK Associates Corp Raises Holdings in Devon Energy Corporation $DVN

Van ECK Associates Corp lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 23.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 188,254 shares of the energy company’s stock after acquiring an additional 35,191 shares during the quarter. Van ECK Associates Corp’s holdings in Devon Energy were worth $7,779,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the fourth quarter worth about $25,000. JFS Wealth Advisors LLC raised its position in shares of Devon Energy by 56.6% in the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after purchasing an additional 245 shares during the period. Parvin Asset Management LLC purchased a new stake in shares of Devon Energy during the 2nd quarter valued at approximately $28,000. MV Capital Management Inc. purchased a new stake in shares of Devon Energy during the 4th quarter valued at approximately $29,000. Finally, KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy in the 2nd quarter worth approximately $29,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on DVN shares. Barclays lowered their target price on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a report on Monday, August 17th. Jefferies Financial Group raised their price target on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research report on Wednesday, June 10th. UBS Group decreased their price objective 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. Finally, Wells Fargo & Company dropped their price objective on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Two 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 company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.23.

Devon Energy Stock Performance

NYSE DVN opened at $49.07 on Wednesday. The company’s 50 day simple moving average is $44.42 and its two-hundred day simple moving average is $45.70. 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 1 year low of $31.47 and a 1 year high of $52.71. The stock has a market capitalization of $53.98 billion, a PE ratio of 11.66, a P/E/G ratio of 1.33 and a beta of 0.37.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share 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 for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The business’s quarterly revenue was up 73.1% on a year-over-year basis. Analysts predict that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 4.58% of the stock is currently owned by insiders.

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.