Permian Investment Partners LP acquired a new position in Devon Energy Co. (NYSE:DVN) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 5,181,707 shares of the energy company’s stock, valued at approximately $113,220,000. Devon Energy comprises about 14.1% of Permian Investment Partners LP’s holdings, making the stock its 3rd largest holding. Permian Investment Partners LP owned approximately 0.77% of Devon Energy as of its most recent SEC filing.
Several other institutional investors have also recently modified their holdings of DVN. FIL Ltd purchased a new position in shares of Devon Energy in the 4th quarter worth approximately $347,000. Public Employees Retirement System of Ohio boosted its stake in Devon Energy by 18.0% in the 4th quarter. Public Employees Retirement System of Ohio now owns 187,609 shares of the energy company’s stock worth $2,966,000 after purchasing an additional 28,671 shares in the last quarter. LPL Financial LLC boosted its stake in Devon Energy by 123.2% in the 4th quarter. LPL Financial LLC now owns 79,003 shares of the energy company’s stock worth $1,249,000 after purchasing an additional 43,607 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in Devon Energy by 59.2% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 47,409 shares of the energy company’s stock worth $750,000 after purchasing an additional 17,625 shares in the last quarter. Finally, Stifel Financial Corp boosted its stake in Devon Energy by 1,260.9% in the 4th quarter. Stifel Financial Corp now owns 288,301 shares of the energy company’s stock worth $4,558,000 after purchasing an additional 267,117 shares in the last quarter. 82.95% of the stock is currently owned by hedge funds and other institutional investors.
In related news, EVP Dennis C. Cameron sold 9,632 shares of the company’s stock in a transaction dated Thursday, June 3rd. The shares were sold at an average price of $31.26, for a total value of $301,096.32. Following the completion of the sale, the executive vice president now owns 316,658 shares of the company’s stock, valued at $9,898,729.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Jeremy D. Humphers sold 1,500 shares of the company’s stock in a transaction dated Tuesday, June 1st. The shares were sold at an average price of $29.78, for a total transaction of $44,670.00. Following the completion of the sale, the chief accounting officer now directly owns 49,031 shares of the company’s stock, valued at approximately $1,460,143.18. The disclosure for this sale can be found here. 0.59% of the stock is owned by corporate insiders.
Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, May 4th. The energy company reported $0.45 EPS for the quarter, topping the consensus estimate of $0.35 by $0.10. Devon Energy had a negative net margin of 14.46% and a positive return on equity of 4.86%. The company had revenue of $1.76 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the previous year, the firm earned $0.06 EPS. As a group, equities research analysts predict that Devon Energy Co. will post 2.42 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 30th. Stockholders of record on Monday, June 14th were issued a dividend of $0.34 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Thursday, May 13th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 5.23%. Devon Energy’s dividend payout ratio is presently -488.89%.
A number of research firms recently commented on DVN. Piper Sandler lifted their target price on shares of Devon Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a research note on Thursday. Morgan Stanley cut shares of Devon Energy from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $28.00 to $32.00 in a research note on Friday, June 18th. Northland Securities lifted their target price on shares of Devon Energy from $27.00 to $30.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 5th. Mizuho lifted their target price on shares of Devon Energy from $35.00 to $38.00 and gave the stock a “buy” rating in a research note on Thursday, July 15th. Finally, Wells Fargo & Company lifted their price objective on shares of Devon Energy from $35.00 to $36.00 and gave the company an “overweight” rating in a research note on Wednesday, May 19th. Four research analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and two have issued a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $30.03.
Devon Energy Profile
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. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
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