Primecap Management Co. CA Buys Shares of 1,571,690 Devon Energy Corporation $DVN

Primecap Management Co. CA purchased a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 1,571,690 shares of the energy company’s stock, valued at approximately $64,942,000. Primecap Management Co. CA owned approximately 0.14% of Devon Energy at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in DVN. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in Devon Energy in the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC lifted its stake 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 valued at $28,000 after acquiring an additional 245 shares during the last quarter. MV Capital Management Inc. purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $29,000. KERR FINANCIAL PLANNING Corp purchased a new stake in Devon Energy during the 2nd quarter valued at $29,000. Finally, Garton & Associates Financial Advisors LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth about $29,000. Institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the company’s 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 of the company’s stock, valued at approximately $6,474,845.46. This 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 can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

Devon Energy Trading Down 0.2%

NYSE DVN opened at $46.82 on Thursday. The company has a market capitalization of $51.50 billion, a PE ratio of 11.12, a P/E/G ratio of 1.29 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 fifty day moving average of $43.99 and a 200 day moving average of $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 (NYSE:DVN) last posted its quarterly earnings data 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 business had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue was up 73.1% compared to the same quarter last year. During the same period last year, the firm posted $0.84 earnings per share. Research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

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. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. Truist Financial lifted their target price on shares of Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an “outperform” rating in a research note on Monday, June 22nd. Raymond James Financial decreased their price objective 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. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Finally, UBS Group lowered their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $59.15.

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.