Oppenheimer Asset Management Inc. Takes Position in Devon Energy Corporation $DVN

Oppenheimer Asset Management Inc. acquired a new position in Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 502,606 shares of the energy company’s stock, valued at approximately $20,768,000. Oppenheimer Asset Management Inc. owned 0.08% of Devon Energy as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Pacer Advisors Inc. grew its position in Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after buying an additional 6,097,658 shares during the period. Panagora Asset Management Inc. increased its holdings in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after buying an additional 3,600,731 shares during the last quarter. Kimmeridge Energy Management Company LLC raised its position in Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. AQR Capital Management LLC raised its position in Devon Energy by 78.7% in the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its stake in shares of Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after acquiring an additional 2,485,603 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $45.83 on Friday. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a 50 day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. During the same period in the prior year, the company posted $0.84 earnings per share. The company’s revenue for the quarter was up 73.1% compared to the same quarter last year. Equities analysts forecast that Devon Energy Corporation will post 4.99 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is presently 30.40%.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’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 sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.58% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on DVN shares. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Citigroup raised 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. 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. Zacks Research lowered Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Finally, Barclays upped their price target on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy 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.