Spirit of America Management Corp NY Buys 42,350 Shares of Devon Energy Corporation $DVN

Spirit of America Management Corp NY increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 116.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 78,800 shares of the energy company’s stock after acquiring an additional 42,350 shares during the period. Spirit of America Management Corp NY’s holdings in Devon Energy were worth $3,256,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its stake in Devon Energy by 2,108.0% in the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares during the period. Panagora Asset Management Inc. raised its stake in shares of Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC lifted its holdings in shares of 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 purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after buying an additional 2,485,603 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

NYSE:DVN opened at $44.87 on Thursday. The firm has a fifty day simple moving average of $43.40 and a 200 day simple moving average of $45.09. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The stock has a market capitalization of $27.88 billion, a PE ratio of 10.66 and a beta of 0.38. 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 business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 EPS. The firm’s revenue for the quarter was up 73.1% on a year-over-year basis. On average, research analysts expect that Devon Energy Corporation will post 4.91 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 2.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is currently 30.40%.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 4.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research reports. Roth Capital reiterated a “buy” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 8th. Wells Fargo & Company set a $65.00 price target on Devon Energy in a research report on Thursday. Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, June 10th. Finally, Barclays lifted their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

About Devon Energy

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.