Primecap Management Co. CA Purchases New Stake in Devon Energy Corporation $DVN

Primecap Management Co. CA purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 1,571,690 shares of the energy company’s stock, valued at approximately $64,942,000.

A number of other large investors also recently bought and sold shares of the company. Tobam grew its position in shares of Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after acquiring an additional 230 shares during the last quarter. TD Private Client Wealth LLC boosted its position in shares of Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after buying an additional 236 shares during the period. Retirement Planning Group LLC raised its holdings in shares of Devon Energy by 4.5% during the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock worth $233,000 after acquiring an additional 243 shares in the last quarter. JFS Wealth Advisors LLC lifted its holdings in Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after purchasing an additional 245 shares during the last quarter. Finally, Catalyst Financial Partners LLC boosted its stake in Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after purchasing an additional 254 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DVN shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Wells Fargo & Company cut their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Capital One Financial lowered their target price on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Weiss Ratings upgraded shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday, August 11th. Finally, Jefferies Financial Group raised their price target on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a report on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $59.15.

Devon Energy Stock Down 0.2%

Shares of DVN opened at $46.82 on Thursday. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a market cap of $51.50 billion, a P/E ratio of 11.12, a P/E/G ratio of 1.29 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The firm has a 50 day simple moving average of $43.99 and a two-hundred day simple moving average of $45.59.

Devon Energy (NYSE:DVN) last issued its 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 firm had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the business posted $0.84 EPS. The company’s revenue was up 73.1% compared to the same quarter last year. Research analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president owned 138,529 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.58% of the stock is currently owned by corporate insiders.

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.