Pacific Heights Asset Management LLC Acquires 50,000 Shares of Devon Energy Corporation $DVN

Pacific Heights Asset Management LLC boosted its holdings in shares of Devon Energy Corporation (NYSE:DVN) by 10.0% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 550,000 shares of the energy company’s stock after buying an additional 50,000 shares during the period. Pacific Heights Asset Management LLC’s holdings in Devon Energy were worth $20,146,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Victory Capital Management Inc. boosted its stake in Devon Energy by 5.0% during the third quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after buying an additional 560,652 shares during the period. Dimensional Fund Advisors LP lifted its stake in Devon Energy by 6.3% during the third quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock worth $327,938,000 after purchasing an additional 552,068 shares during the last quarter. AQR Capital Management LLC lifted its stake in Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock worth $288,306,000 after purchasing an additional 1,862,720 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Devon Energy by 5.5% during the third quarter. Thrivent Financial for Lutherans now owns 4,712,190 shares of the energy company’s stock worth $165,210,000 after purchasing an additional 246,179 shares during the last quarter. Finally, Legal & General Group Plc increased its position in shares of Devon Energy by 3.4% during the 3rd quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company’s stock valued at $115,234,000 after purchasing an additional 106,824 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on DVN. UBS Group decreased their price objective on Devon Energy from $61.00 to $60.00 and set a “buy” rating on the stock in a report on Tuesday, April 14th. TD Cowen raised their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Weiss Ratings raised Devon Energy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, January 28th. Siebert Williams Shank raised their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, Barclays raised their price objective on Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a report on Monday, March 16th. Four analysts have rated the stock with a Strong Buy rating, twenty-one have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.41.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $49.55 on Monday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The business’s 50 day simple moving average is $47.75 and its two-hundred day simple moving average is $41.44. The stock has a market capitalization of $30.79 billion, a P/E ratio of 13.80 and a beta of 0.43. Devon Energy Corporation has a one year low of $30.24 and a one year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same period last year, the firm earned $0.82 earnings per share. Analysts forecast that Devon Energy Corporation will post 5.25 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a $0.32 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.6%. Devon Energy’s payout ratio is presently 26.74%.

Insider Buying and Selling

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.73% of the stock is 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.