University of Texas Texas AM Investment Management Co. Buys 48,013 Shares of Devon Energy Corporation $DVN

University of Texas Texas AM Investment Management Co. boosted its position in shares of Devon Energy Corporation (NYSE:DVN) by 240,065.0% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 48,033 shares of the energy company’s stock after purchasing an additional 48,013 shares during the quarter. University of Texas Texas AM Investment Management Co.’s holdings in Devon Energy were worth $1,985,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management acquired a new stake in shares of Devon Energy in the 4th quarter valued at $25,000. JFS Wealth Advisors LLC lifted its stake in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. MV Capital Management Inc. bought a new position in Devon Energy in the fourth quarter valued at about $29,000. KERR FINANCIAL PLANNING Corp bought a new position in Devon Energy in the second quarter valued at about $29,000. Finally, Garton & Associates Financial Advisors LLC bought a new position in Devon Energy in the fourth quarter valued at about $29,000. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on DVN shares. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. Roth Capital reaffirmed a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, April 28th. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Jefferies Financial Group boosted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Finally, Scotiabank increased their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.60.

Insiders Place Their Bets

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

Devon Energy Trading Up 3.2%

NYSE DVN opened at $45.83 on Friday. The stock has a 50-day simple moving average of $43.40 and a 200 day simple moving average of $45.14. The company has a market capitalization of $50.41 billion, a PE ratio of 10.89 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 Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

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, beating 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 for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The company’s quarterly revenue was up 73.1% on a year-over-year basis. Research analysts forecast that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Devon Energy Company 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.