Cascade Investment Advisors Inc. Makes New $1.60 Million Investment in Devon Energy Corporation $DVN

Cascade Investment Advisors Inc. purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 38,732 shares of the energy company’s stock, valued at approximately $1,600,000.

Other hedge funds also recently modified their holdings of the company. State Street Corp grew its stake in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after purchasing an additional 235,561 shares during the period. Finally, Kimmeridge Energy Management Company LLC grew its position in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on DVN. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Morgan Stanley decreased their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Raymond James Financial lowered their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research note on Thursday, July 16th. Finally, Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were 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 approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $44.48 on Friday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company has a market capitalization of $48.93 billion, a PE ratio of 10.57 and a beta of 0.38. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The business has a 50 day simple moving average of $43.37 and a 200 day simple moving average of $45.13.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the previous year, the firm earned $0.84 EPS. Devon Energy’s quarterly revenue was up 73.1% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy Corporation will post 4.95 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

About Devon Energy

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.