2,586,470 Shares in Devon Energy Corporation $DVN Bought by Equity Investment Corp

Equity Investment Corp acquired a new position in Devon Energy Corporation (NYSE:DVN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,586,470 shares of the energy company’s stock, valued at approximately $106,873,000. Devon Energy accounts for approximately 2.0% of Equity Investment Corp’s investment portfolio, making the stock its 26th biggest position.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. BlackRock Inc. boosted its holdings in shares of 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 period. Pacer Advisors Inc. raised its stake in 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. Bank of New York Mellon Corp lifted its holdings in Devon Energy by 137.4% in the second quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock worth $397,834,000 after acquiring an additional 5,573,172 shares during the last quarter. Panagora Asset Management Inc. lifted its holdings in Devon Energy by 42,376.5% in the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after acquiring an additional 3,600,731 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its stake in 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 valued at $324,204,000 after acquiring an additional 3,195,862 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE DVN opened at $47.84 on Wednesday. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The firm’s 50-day simple moving average is $43.52 and its 200 day simple moving average is $45.30. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The stock has a market cap of $52.63 billion, a P/E ratio of 11.36 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.84 EPS. Equities analysts expect that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The business 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 dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DVN. Argus reaffirmed a “buy” rating and set a $45.85 target price on shares of Devon Energy in a report on Monday. Citigroup boosted their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Jefferies Financial Group increased their target price on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. Weiss Ratings upgraded Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a research note on Wednesday, June 10th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $59.15.

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 stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.58% of the stock is currently owned by insiders.

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.