Leonteq Securities AG Buys New Position in Devon Energy Corporation $DVN

Leonteq Securities AG bought a new stake in Devon Energy Corporation (NYSE:DVN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 33,785 shares of the energy company’s stock, valued at approximately $1,238,000.

Several other institutional investors have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC raised its stake in Devon Energy by 3.4% in the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after purchasing an additional 236 shares during the last quarter. Catalyst Financial Partners LLC raised its stake in Devon Energy by 3.9% in 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 last quarter. Aprio Wealth Management LLC raised its stake in Devon Energy by 4.1% in the 3rd quarter. Aprio Wealth Management LLC now owns 7,521 shares of the energy company’s stock valued at $264,000 after purchasing an additional 297 shares during the last quarter. Accredited Wealth Management LLC raised its stake in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after purchasing an additional 308 shares during the last quarter. Finally, Lindenwold Advisors INC raised its stake in Devon Energy by 1.2% in the 3rd quarter. Lindenwold Advisors INC now owns 27,094 shares of the energy company’s stock valued at $950,000 after purchasing an additional 314 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 2.7%

NYSE DVN opened at $47.17 on Friday. Devon Energy Corporation has a 12 month low of $30.24 and a 12 month high of $52.71. The company has a 50-day moving average of $48.10 and a 200-day moving average of $41.91. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $29.31 billion, a P/E ratio of 13.14 and a beta of 0.43.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same period in the prior year, the company earned $0.82 EPS. The company’s revenue was down 14.5% compared to the same quarter last year. As a group, equities analysts predict that Devon Energy Corporation will post 5.25 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date is Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is presently 26.74%.

Insider Transactions at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at $6,162,793.40. The trade was a 15.72% decrease in their position. The SEC filing for this sale provides additional information. 0.71% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DVN. Sanford C. Bernstein boosted their target price on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Zacks Research raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, April 28th. Capital One Financial dropped their price objective on shares of Devon Energy from $64.00 to $63.00 and set an “overweight” rating for the company in a research note on Tuesday, April 14th. Barclays upped their price objective on shares of Devon Energy from $52.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. Finally, Royal Bank Of Canada upped their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $57.30.

Key Devon Energy News

Here are the key news stories impacting Devon Energy this week:

• Positive Sentiment: Devon Energy expanded its Delaware Basin footprint by buying 16,300 net undeveloped acres in New Mexico for about $2.6 billion, a move expected to add roughly 400 drilling locations, extend inventory life, and support future production growth. Reuters: Devon boosts Delaware Basin footprint with $2.6 billion land acquisition
• Positive Sentiment: Devon was reported as the biggest buyer in a record U.S. oil and gas lease auction, signaling an aggressive push to lock in high-quality acreage and strengthen its long-term asset base. Seeking Alpha: Devon Energy biggest buyer in record $4B U.S. oil and gas auction
• Positive Sentiment: Morgan Stanley raised its price target on DVN to $66 from $59 and reiterated an overweight rating, implying further upside from recent levels. MarketScreener: Morgan Stanley adjusts Devon Energy price target
• Positive Sentiment: Other analysts also sounded constructive, with Zacks raising near-term EPS estimates and maintaining a strong-buy view, while earlier coverage from Jefferies and Wells Fargo pointed to additional catalysts. TipRanks: Devon Energy expands Delaware Basin position with major acquisition
• Neutral Sentiment: Jim Cramer also publicly highlighted Devon Energy as a stock to buy, adding to the recent positive attention on the name. Yahoo Finance: Jim Cramer on Devon Energy
• Negative Sentiment: Energy stocks were generally lower on Thursday, which likely weighed on Devon Energy despite the company-specific positives. Yahoo Finance: Sector Update Energy Stocks Decline Thursday Afternoon

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.