115,000 Devon Energy Corporation $DVN Shares Bought by Viking Fund Management LLC

Viking Fund Management LLC boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 76.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 265,000 shares of the energy company’s stock after buying an additional 115,000 shares during the quarter. Viking Fund Management LLC’s holdings in Devon Energy were worth $12,201,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Kimmeridge Energy Management Company LLC raised its position in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. Morningstar Investment Management LLC lifted its holdings in shares of Devon Energy by 51.1% in the 1st quarter. Morningstar Investment Management LLC now owns 86,151 shares of the energy company’s stock worth $4,335,000 after buying an additional 29,124 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in shares of Devon Energy in the 2nd quarter worth $33,504,000. Illinois Municipal Retirement Fund grew its position in shares of Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after buying an additional 26,209 shares in the last quarter. Finally, NewEdge Wealth LLC grew its position in shares of Devon Energy by 20.0% during the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after buying an additional 80,000 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 0.5%

Shares of NYSE:DVN opened at $49.97 on Thursday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The business’s fifty day simple moving average is $47.78 and its 200-day simple moving average is $46.31. The company has a market capitalization of $54.97 billion, a PE ratio of 11.87, a P/E/G ratio of 1.34 and a beta of 0.49. 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 (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%. The company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the company earned $0.84 earnings per share. The firm’s revenue for the quarter was up 73.1% compared to the same quarter last year. As a group, equities research analysts predict that Devon Energy Corporation will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend was Tuesday, September 15th. Devon Energy’s dividend payout ratio is presently 30.40%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on DVN. UBS Group raised their price target on Devon Energy from $63.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, October 7th. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, October 3rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $67.00 price objective on shares of Devon Energy in a research note on Tuesday, October 6th. Weiss Ratings upgraded shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Finally, Argus reissued a “buy” rating and set a $45.85 target price on shares of Devon Energy in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $60.76.

Insider Transactions at Devon Energy

In other news, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares of the company’s stock, valued at $3,705,084. The trade was a 8.50% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Clay Gaspar acquired 3,913 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was purchased at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the transaction, the chief executive officer owned 619,152 shares in the company, valued at approximately $31,626,284.16. The trade was a 0.64% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 4.58% of the stock is currently owned by company insiders.

About Devon Energy

Devon Energy Corporation (NYSE: DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company operates in the United States and focuses on onshore properties with oil- and liquids-rich resources.

Devon’s operations are concentrated in several major U.S. producing regions, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.