Oak Associates Ltd. OH Makes New Investment in Devon Energy Corporation $DVN

Oak Associates Ltd. OH acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 80,487 shares of the energy company’s stock, valued at approximately $4,050,000.

A number of other hedge funds have also recently bought and sold shares of the company. Wedge Capital Management L L P NC purchased a new position in shares of Devon Energy during the 4th quarter valued at about $9,931,000. Philip James Wealth Mangement LLC lifted its holdings in shares of Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after buying an additional 49,115 shares during the period. Morningstar Investment Management LLC purchased a new stake in shares of Devon Energy in the fourth quarter worth about $2,089,000. LSV Asset Management boosted its stake in shares of 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 buying an additional 354,500 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its holdings in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

NYSE:DVN opened at $45.26 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The stock’s 50-day moving average price is $44.18 and its 200-day moving average price is $44.34. The stock has a market capitalization of $28.12 billion, a PE ratio of 12.61 and a beta of 0.38.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.82 EPS. As a group, equities analysts expect that Devon Energy Corporation will post 4.64 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Analyst Ratings Changes

Several research analysts recently weighed in on DVN shares. 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. Wall Street Zen lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Sanford C. Bernstein raised their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research note on Monday, April 13th. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $59.56.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the company’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 of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock worth $5,258,059 over the last three months. 4.58% of the stock is currently owned by corporate 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.