Greenwood Capital Associates LLC Boosts Stake in Devon Energy Corporation $DVN

Greenwood Capital Associates LLC lifted its holdings in Devon Energy Corporation (NYSE:DVN) by 29.2% in the 2nd quarter, Holdings Channel.com reports. The firm owned 128,083 shares of the energy company’s stock after purchasing an additional 28,966 shares during the quarter. Greenwood Capital Associates LLC’s holdings in Devon Energy were worth $5,292,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. LSV Asset Management lifted its position 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 valued at $29,289,000 after acquiring an additional 354,500 shares in the last quarter. Kimmeridge Energy Management Company LLC boosted its stake in shares of Devon Energy by 56.5% in 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. Morningstar Investment Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth approximately $2,089,000. Illinois Municipal Retirement Fund raised its stake in Devon Energy by 15.5% in the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock valued at $9,801,000 after purchasing an additional 26,209 shares during the last quarter. Finally, NewEdge Wealth LLC lifted its holdings in Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after purchasing an additional 80,000 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Up 0.6%

Shares of DVN opened at $47.42 on Friday. The company has a current ratio of 0.72, a quick ratio of 0.67 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 firm has a 50-day moving average price of $44.19 and a 200 day moving average price of $45.62. The firm has a market capitalization of $52.16 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s quarterly revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share. Sell-side analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Citigroup upped their target price on shares of Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Argus restated a “buy” rating and set a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Zacks Research cut shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Morgan Stanley cut their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $59.15.

Insider Buying and Selling

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

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.