32,374 Shares in Devon Energy Corporation $DVN Acquired by Global Retirement Partners LLC

Global Retirement Partners LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 32,374 shares of the energy company’s stock, valued at approximately $1,338,000.

Other institutional investors have also added to or reduced their stakes in the company. State Street Corp increased its holdings in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after buying an additional 212,074 shares in the last quarter. Geode Capital Management LLC raised its position in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after buying an additional 186,743 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the period. Bank of New York Mellon Corp lifted its stake in Devon Energy by 137.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock valued at $397,834,000 after acquiring an additional 5,573,172 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after acquiring an additional 235,561 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’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 sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 3.9%

Shares of NYSE:DVN opened at $47.62 on Tuesday. The stock’s 50-day simple moving average is $43.45 and its two-hundred day simple moving average is $45.24. The stock has a market capitalization of $52.38 billion, a price-to-earnings ratio of 11.31 and a beta of 0.38. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last released its quarterly 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 firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the prior year, the firm earned $0.84 EPS. The business’s revenue for the quarter was up 73.1% compared to the same quarter last year. Analysts expect that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced 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. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is 30.40%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Roth Capital restated a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a research report on Tuesday, April 28th. Jefferies Financial Group raised their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. The Goldman Sachs Group dropped their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $59.15.

Devon Energy 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.