L2 Asset Management LLC Buys New Shares in Devon Energy Corporation $DVN

L2 Asset Management LLC bought a new position in Devon Energy Corporation (NYSE:DVN) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 139,256 shares of the energy company’s stock, valued at approximately $5,754,000.

Other hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp increased its stake in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after purchasing an additional 212,074 shares during the period. Geode Capital Management LLC lifted its position in Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Victory Capital Management Inc. lifted its position in Devon Energy by 17.5% in the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Finally, GQG Partners LLC bought a new stake in Devon Energy in the second quarter valued at approximately $402,558,000. 69.72% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on DVN. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. Raymond James Financial lowered their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Jefferies Financial Group increased their price target on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Morgan Stanley cut their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Friday, June 26th. Finally, Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. 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 stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.15.

Devon Energy Trading Down 1.8%

NYSE DVN opened at $48.22 on Tuesday. The stock has a market cap of $53.05 billion, a P/E ratio of 11.45, a price-to-earnings-growth ratio of 1.35 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a 50 day simple moving average of $43.82 and a two-hundred day simple moving average of $45.54. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.84 earnings per share. On average, analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.7%. Devon Energy’s payout ratio is 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 on Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

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.