Tectonic Advisors LLC Takes $618,000 Position in Devon Energy Corporation $DVN

Tectonic Advisors LLC acquired a new position in Devon Energy Corporation (NYSE:DVN) in the second quarter, Holdings Channel.com reports. The fund acquired 14,968 shares of the energy company’s stock, valued at approximately $618,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in DVN. Pacer Advisors Inc. raised its stake in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after buying an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. boosted its holdings in Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after acquiring an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC grew its stake in shares of 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 last quarter. AQR Capital Management LLC grew its stake in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after acquiring an additional 2,485,603 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Scotiabank upped their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Weiss Ratings raised shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, June 10th. Finally, Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.60.

Devon Energy Trading Down 0.8%

Devon Energy stock opened at $44.48 on Friday. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a market capitalization of $48.93 billion, a price-to-earnings ratio of 10.57 and a beta of 0.38. The stock has a 50-day moving average price of $43.37 and a 200 day moving average price of $45.13.

Devon Energy (NYSE:DVN) last issued 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 company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the company earned $0.84 EPS. Devon Energy’s quarterly revenue was up 73.1% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Corporation will post 4.95 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio is presently 30.40%.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on 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 in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.58% of the stock is owned by insiders.

Devon Energy 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.