Manning & Napier Advisors LLC Invests $4.22 Million in Devon Energy Corporation $DVN

Manning & Napier Advisors LLC bought a new stake in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, HoldingsChannel reports. The institutional investor bought 100,615 shares of the energy company’s stock, valued at approximately $4,225,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. BlackRock Inc. raised its stake in Devon Energy by 57.6% in the second 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 in the last quarter. State Street Corp increased its holdings in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of 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 worth $509,779,000 after acquiring an additional 2,071,021 shares in the last quarter. Finally, GQG Partners LLC purchased a new stake in Devon Energy during the second quarter worth approximately $402,558,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a report on Monday, June 22nd. Roth Capital reaffirmed a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Raymond James Financial reduced their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 16th. Susquehanna increased their target price on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Finally, Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.15.

Devon Energy Stock Performance

Shares of DVN stock opened at $48.22 on Tuesday. The company has a market cap of $53.05 billion, a price-to-earnings ratio of 11.45, a price-to-earnings-growth ratio of 1.35 and a beta of 0.38. The stock has a 50 day simple moving average of $43.82 and a 200-day simple moving average of $45.54. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. 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 posted its quarterly earnings results 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 firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the business earned $0.84 earnings per share. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, equities analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a $0.32 dividend. 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%.

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.