Hartford Investment Management Co. Grows Holdings in Devon Energy Corporation $DVN

Hartford Investment Management Co. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 80.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 63,718 shares of the energy company’s stock after buying an additional 28,315 shares during the quarter. Hartford Investment Management Co.’s holdings in Devon Energy were worth $2,633,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new position in Devon Energy during the 4th quarter valued at $25,000. JFS Wealth Advisors LLC increased its position in shares of 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. MV Capital Management Inc. bought a new stake in shares of Devon Energy in the 4th quarter worth about $29,000. KERR FINANCIAL PLANNING Corp acquired a new stake in shares of Devon Energy in the 2nd quarter valued at about $29,000. Finally, Garton & Associates Financial Advisors LLC acquired a new stake in shares of Devon Energy in the 4th quarter valued at about $29,000. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of research reports. Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Citigroup increased their target price on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Tudor Pickering upgraded Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Capital One Financial lowered their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Finally, Mizuho raised their price objective on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $59.60.

Devon Energy Trading Down 0.8%

Shares of NYSE DVN opened at $44.48 on Friday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a market cap of $48.93 billion, a price-to-earnings ratio of 10.57 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. The stock’s 50 day simple moving average is $43.37 and its 200 day simple moving average is $45.13.

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. 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 during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the prior year, the business earned $0.84 EPS. The firm’s revenue was up 73.1% on a year-over-year basis. Equities research analysts expect that Devon Energy Corporation will post 4.95 EPS for the current year.

Devon Energy Announces Dividend

The company 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 dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the sale, the senior vice president 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 4.58% of the stock is currently owned by company 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.