Man Group plc Makes New Investment in Devon Energy Corporation $DVN

Man Group plc purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 496,798 shares of the energy company’s stock, valued at approximately $20,528,000.

Several other large investors have also made changes to their positions in the business. First Bancorp Inc ME purchased a new stake in shares of Devon Energy during the second quarter worth about $31,000. Jupiter Topco LLC purchased a new stake in Devon Energy during the 2nd quarter valued at approximately $21,260,000. Ancora Advisors LLC purchased a new stake in Devon Energy during the 2nd quarter valued at approximately $418,000. Primecap Management Co. CA bought a new stake in shares of Devon Energy during the second quarter valued at approximately $64,942,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Devon Energy in the second quarter worth $32,020,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction on 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 owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Morgan Stanley cut their price target on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, June 26th. Wells Fargo & Company lowered their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Finally, Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Trading Down 0.2%

Shares of NYSE DVN opened at $46.82 on Thursday. The business’s 50 day moving average is $43.99 and its two-hundred day moving average is $45.59. 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 Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The stock has a market capitalization of $51.50 billion, a P/E ratio of 11.12, a PEG ratio of 1.29 and a beta of 0.38.

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

Devon Energy Dividend Announcement

The business also recently announced 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 of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy’s payout ratio is currently 30.40%.

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.