Devon Energy (NYSE:DVN) CEO Acquires $199,876.04 in Stock

Devon Energy Corporation (NYSE:DVN) CEO Clay Gaspar purchased 3,913 shares of Devon Energy stock in a transaction that occurred on Monday, September 14th. The shares were acquired at an average price of $51.08 per share, with a total value of $199,876.04. Following the acquisition, the chief executive officer directly owned 619,152 shares of the company’s stock, valued at $31,626,284.16. This trade represents a 0.64% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Devon Energy Stock Performance

Shares of NYSE DVN traded down $0.50 during midday trading on Monday, hitting $49.73. 14,588,644 shares of the company’s stock were exchanged, compared to its average volume of 10,111,569. 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 company’s 50 day moving average price is $45.80 and its 200 day moving average price is $46.01. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The firm has a market capitalization of $54.70 billion, a PE ratio of 11.81, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the prior year, the company earned $0.84 earnings per share. The company’s quarterly revenue was up 73.1% on a year-over-year basis. As a group, analysts predict that Devon Energy Corporation will post 5.24 earnings per share for the current fiscal 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. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio is presently 30.40%.

Institutional Trading of Devon Energy

Several hedge funds have recently bought and sold shares of DVN. BlackRock Inc. increased its holdings in shares of Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares during the last quarter. California State Teachers Retirement System grew its holdings in Devon Energy by 7,555.6% during the 2nd quarter. California State Teachers Retirement System now owns 52,787,085 shares of the energy company’s stock valued at $2,181,162,000 after buying an additional 52,097,561 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares in the last quarter. Geode Capital Management LLC boosted 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 valued at $700,238,000 after acquiring an additional 186,743 shares during the last quarter. Finally, Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 17.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DVN. Mizuho boosted their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Stifel Nicolaus started coverage on shares of Devon Energy in a research report on Thursday. They issued a “buy” rating and a $61.00 target price for the company. Susquehanna raised their price objective on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, The Goldman Sachs Group reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Two 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 company’s stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average target price of $59.76.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.