Viking Fund Management LLC Invests $6.20 Million in Devon Energy Corporation $DVN

Viking Fund Management LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, HoldingsChannel reports. The firm purchased 150,000 shares of the energy company’s stock, valued at approximately $6,198,000.

Other large investors also recently modified their holdings of the company. Woodline Partners LP raised its holdings in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after acquiring an additional 57,555 shares during the period. Sivia Capital Partners LLC bought a new position in Devon Energy during the 2nd quarter worth $403,000. Jump Financial LLC raised its stake 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 purchasing an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. raised its position in shares of Devon Energy by 17.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock valued at $4,736,000 after buying an additional 22,482 shares in the last quarter. Finally, NewEdge Advisors LLC raised its position in Devon Energy by 6.0% during the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock valued at $4,586,000 after purchasing an additional 8,127 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Wells Fargo & Company set a $65.00 target price on Devon Energy in a research note on Thursday. Scotiabank raised their target price on Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 22nd. Roth Capital restated a “buy” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, April 28th. Barclays boosted their price objective on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley cut their target price on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Price Performance

DVN opened at $44.87 on Thursday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a market capitalization of $27.88 billion, a price-to-earnings ratio of 10.66 and a beta of 0.38. The firm’s fifty day moving average price is $43.40 and its two-hundred day moving average price is $45.09. 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 posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same quarter last year, the business posted $0.84 EPS. As a group, analysts anticipate that Devon Energy Corporation will post 4.91 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a 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 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 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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.