Rampart Investment Management Company LLC Acquires 24,134 Shares of Devon Energy Corp (DVN)
Rampart Investment Management Company LLC increased its holdings in Devon Energy Corp (NYSE:DVN) by 215.6% in the second quarter, HoldingsChannel reports. The institutional investor owned 35,329 shares of the energy company’s stock after purchasing an additional 24,134 shares during the quarter. Rampart Investment Management Company LLC’s holdings in Devon Energy were worth $1,553,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Bristol John W & Co. Inc. NY acquired a new position in shares of Devon Energy during the first quarter worth $103,000. Jackson Grant Investment Advisers Inc. acquired a new position in shares of Devon Energy during the second quarter worth $112,000. Financial Architects Inc increased its position in shares of Devon Energy by 168.5% during the second quarter. Financial Architects Inc now owns 2,709 shares of the energy company’s stock worth $119,000 after purchasing an additional 1,700 shares in the last quarter. Penserra Capital Management LLC acquired a new position in shares of Devon Energy during the first quarter worth $125,000. Finally, Gables Capital Management Inc. acquired a new position in shares of Devon Energy during the first quarter worth $146,000. 84.00% of the stock is owned by institutional investors.
In other Devon Energy news, Director Robert H. Henry sold 5,600 shares of the company’s stock in a transaction on Tuesday, August 21st. The shares were sold at an average price of $42.14, for a total value of $235,984.00. Following the sale, the director now directly owns 9,704 shares of the company’s stock, valued at $408,926.56. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Lyndon C. Taylor sold 18,357 shares of the company’s stock in a transaction on Monday, June 11th. The shares were sold at an average price of $42.09, for a total transaction of $772,646.13. Following the completion of the sale, the executive vice president now directly owns 95,223 shares in the company, valued at $4,007,936.07. The disclosure for this sale can be found here. 0.55% of the stock is currently owned by corporate insiders.
Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, July 31st. The energy company reported $0.34 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.03). The company had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $3.96 billion. Devon Energy had a negative net margin of 1.60% and a positive return on equity of 5.52%. During the same period last year, the firm earned $0.80 earnings per share. sell-side analysts anticipate that Devon Energy Corp will post 1.57 EPS for the current fiscal year.
Devon Energy announced that its board has approved a stock repurchase plan on Wednesday, June 6th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the energy company to repurchase up to 14.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
A number of equities analysts have recently issued reports on DVN shares. BMO Capital Markets reaffirmed a “buy” rating and set a $50.00 price target on shares of Devon Energy in a research report on Tuesday, August 7th. Zacks Investment Research downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Barclays started coverage on Devon Energy in a research report on Wednesday, August 29th. They set an “overweight” rating and a $49.00 price target on the stock. Jefferies Financial Group set a $53.00 price target on Devon Energy and gave the stock a “buy” rating in a research report on Wednesday, July 18th. Finally, ValuEngine downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. Nine equities research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Devon Energy has a consensus rating of “Buy” and an average target price of $50.23.
About Devon Energy
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 14,600 gross wells. The company also offers gathering, transmission, processing, storage, fractionation, and marketing to upstream oil and natural gas producers; and owns natural gas pipelines, plants and treatment facilities.
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