Oppenheimer Asset Management Inc. Makes New Investment in Devon Energy Corporation $DVN

Oppenheimer Asset Management Inc. acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the second quarter, according to its most recent disclosure with the SEC. The firm acquired 502,606 shares of the energy company’s stock, valued at approximately $20,768,000.

Several other institutional investors and hedge funds have also recently modified their holdings of DVN. State Street Corp lifted its holdings in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after buying an additional 212,074 shares in the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 1.0% during the fourth 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 in the last quarter. Victory Capital Management Inc. increased its holdings in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after acquiring an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC lifted its stake in Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’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 of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. The Goldman Sachs Group reduced their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Finally, Capital One Financial reduced their price objective on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-three 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 currently has a consensus rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Stock Performance

Devon Energy stock opened at $45.83 on Friday. The company’s 50-day moving average price is $43.40 and its 200-day moving average price is $45.14. 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 has a market cap of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, equities research analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s dividend payout ratio is 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.