496,798 Shares in Devon Energy Corporation $DVN Purchased by Man Group plc

Man Group plc acquired a new position in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 496,798 shares of the energy company’s stock, valued at approximately $20,528,000.

Several other large investors also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. GQG Partners LLC bought a new stake in shares of Devon Energy during the second quarter valued at approximately $402,558,000. Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares during the period. Legal & General Group Plc purchased a new stake in shares of Devon Energy in the second quarter valued at approximately $239,212,000. Finally, Bank of New York Mellon Corp grew its stake in Devon Energy by 137.4% in the second quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock worth $397,834,000 after purchasing an additional 5,573,172 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on DVN shares. Wells Fargo & Company reduced their price objective on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Raymond James Financial dropped their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Weiss Ratings upgraded Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average target price of $59.15.

Devon Energy Stock Performance

Shares of DVN stock opened at $46.82 on Thursday. The firm has a market cap of $51.50 billion, a price-to-earnings ratio of 11.12, a PEG ratio of 1.29 and a beta of 0.38. The company’s 50 day moving average is $43.99 and its 200 day moving average is $45.59. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.84 earnings per share. On average, sell-side analysts anticipate that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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 given a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is presently 30.40%.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s 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 completion of the sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.58% of the company’s stock.

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.