One68 Global Capital LLC Acquires Shares of 11,000 Devon Energy Corporation $DVN

One68 Global Capital LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) in the second quarter, HoldingsChannel reports. The institutional investor bought 11,000 shares of the energy company’s stock, valued at approximately $455,000. Devon Energy makes up about 1.0% of One68 Global Capital LLC’s holdings, making the stock its 22nd biggest holding.

Several other hedge funds and other institutional investors have also modified their holdings of DVN. BlackRock Inc. grew its stake in Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after buying an additional 34,871,366 shares during the last quarter. Bank of America Corp DE acquired a new stake in Devon Energy during the second quarter worth approximately $421,226,000. GQG Partners LLC acquired a new stake in Devon Energy during the second quarter worth approximately $402,558,000. Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after acquiring an additional 6,097,658 shares during the period. Finally, Legal & General Group Plc bought a new stake in shares of Devon Energy during the second quarter worth approximately $239,212,000. Institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Up 0.7%

Shares of Devon Energy stock opened at $47.16 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 12-month low of $31.47 and a 12-month high of $52.71. The company has a market capitalization of $51.88 billion, a price-to-earnings ratio of 11.20, a PEG ratio of 1.29 and a beta of 0.38. The firm’s 50-day moving average price is $44.09 and its two-hundred day moving average price is $45.61.

Devon Energy (NYSE:DVN) last issued its 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 net margin of 16.67% and a return on equity of 14.93%. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the previous year, the company earned $0.84 EPS. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on DVN shares. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Susquehanna upped their price objective on Devon Energy from $57.00 to $63.00 and gave the company a “positive” rating in a report on Tuesday, July 21st. Jefferies Financial Group increased their price objective on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Finally, Capital One Financial dropped their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $59.15.

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.