The Manufacturers Life Insurance Company Acquires Shares of 654,560 Devon Energy Corporation $DVN

The Manufacturers Life Insurance Company acquired a new position in shares of Devon Energy Corporation (NYSE:DVN) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor acquired 654,560 shares of the energy company’s stock, valued at approximately $27,046,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tobam grew its stake in Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares during the last quarter. TD Private Client Wealth LLC lifted its stake in Devon Energy by 3.4% in the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after buying an additional 236 shares during the last quarter. Retirement Planning Group LLC lifted its stake in Devon Energy by 4.5% in the second quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock valued at $233,000 after buying an additional 243 shares during the last quarter. JFS Wealth Advisors LLC boosted its holdings in shares of Devon Energy by 56.6% in the second 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 period. Finally, Catalyst Financial Partners LLC boosted its holdings in shares of Devon Energy by 3.9% in the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after acquiring an additional 254 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on DVN. Weiss Ratings cut shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Mizuho increased their price target on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Morgan Stanley dropped their price objective on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Friday, June 26th. Finally, The Goldman Sachs Group reduced their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.15.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’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 completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 0.7%

Shares of DVN stock opened at $47.16 on Friday. The company has a market capitalization of $51.88 billion, a P/E ratio of 11.20, a price-to-earnings-growth ratio of 1.29 and a beta of 0.38. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The business’s 50 day moving average is $44.09 and its two-hundred day moving average is $45.61. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71.

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

Devon Energy Dividend Announcement

The company also recently disclosed 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 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. 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.