Devon Energy Corporation $DVN Shares Bought by North Dakota State Investment Board

North Dakota State Investment Board lifted its stake in Devon Energy Corporation (NYSE:DVN) by 90.2% in the second quarter, HoldingsChannel reports. The firm owned 33,732 shares of the energy company’s stock after acquiring an additional 15,998 shares during the quarter. North Dakota State Investment Board’s holdings in Devon Energy were worth $1,394,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of DVN. Woodline Partners LP grew its position in shares of Devon Energy by 98.8% during the first quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock worth $4,330,000 after buying an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC purchased a new stake in shares of Devon Energy during the second quarter worth approximately $403,000. Jump Financial LLC raised its holdings in Devon Energy by 58.8% in the second quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock valued at $899,000 after acquiring an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after acquiring an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its stake in Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after acquiring an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $45.83 on Friday. The firm’s fifty day simple moving average is $43.40 and its 200-day simple moving average is $45.14. The stock has a market capitalization of $50.41 billion, a price-to-earnings ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last announced its 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 business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the firm earned $0.84 earnings per share. The business’s quarterly revenue was up 73.1% compared to the same quarter last year. As a group, equities analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. Raymond James Financial lowered their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Morgan Stanley reduced their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Jefferies Financial Group lifted their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Truist Financial boosted their target price on shares of Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $59.60.

Insiders Place Their Bets

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.58% of the stock is 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.