Van ECK Associates Corp Acquires 20,254 Shares of Devon Energy Co. (NYSE:DVN)

Van ECK Associates Corp raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 21.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 113,711 shares of the energy company’s stock after acquiring an additional 20,254 shares during the quarter. Van ECK Associates Corp’s holdings in Devon Energy were worth $5,706,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in DVN. Axxcess Wealth Management LLC grew its position in shares of Devon Energy by 6.1% during the third quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock valued at $238,000 after purchasing an additional 286 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Devon Energy during the third quarter valued at about $12,497,000. Evergreen Capital Management LLC grew its position in shares of Devon Energy by 10.8% during the third quarter. Evergreen Capital Management LLC now owns 6,551 shares of the energy company’s stock valued at $312,000 after purchasing an additional 636 shares in the last quarter. Lido Advisors LLC grew its position in shares of Devon Energy by 12.7% during the third quarter. Lido Advisors LLC now owns 9,228 shares of the energy company’s stock valued at $440,000 after purchasing an additional 1,039 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Devon Energy by 10.1% during the third quarter. The Manufacturers Life Insurance Company now owns 1,351,189 shares of the energy company’s stock valued at $64,452,000 after purchasing an additional 123,562 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on DVN. Morgan Stanley lifted their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 15th. Susquehanna lifted their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. StockNews.com lowered Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday. Wells Fargo & Company upgraded Devon Energy from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Finally, Mizuho lifted their price target on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.24.

Devon Energy Trading Down 2.3 %

Shares of Devon Energy stock traded down $1.13 on Friday, hitting $46.98. 3,522,920 shares of the company traded hands, compared to its average volume of 7,265,212. The stock’s 50 day moving average price is $48.38 and its 200-day moving average price is $46.99. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09. The company has a market cap of $29.69 billion, a PE ratio of 9.18, a PEG ratio of 1.27 and a beta of 2.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. The company’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.46 earnings per share. Equities research analysts predict that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.87%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Insider Buying and Selling

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.73% of the stock is currently owned by insiders.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.