OMERS ADMINISTRATION Corp Boosts Holdings in Devon Energy Corporation $DVN

OMERS ADMINISTRATION Corp raised its position in Devon Energy Corporation (NYSE:DVN) by 16.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,647 shares of the energy company’s stock after purchasing an additional 13,115 shares during the period. OMERS ADMINISTRATION Corp’s holdings in Devon Energy were worth $4,561,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter valued at $25,000. SouthState Bank Corp grew its position in Devon Energy by 173.6% during the first quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after buying an additional 486 shares in the last quarter. MV Capital Management Inc. bought a new position in Devon Energy in the 4th quarter worth about $29,000. Garton & Associates Financial Advisors LLC bought a new position in Devon Energy in the 4th quarter worth about $29,000. Finally, Steigerwald Gordon & Koch Inc. raised its holdings in shares of Devon Energy by 6,666.7% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock valued at $41,000 after acquiring an additional 800 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 4.3%

Shares of NYSE:DVN opened at $43.12 on Tuesday. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71. The company has a market cap of $26.80 billion, a PE ratio of 12.01 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The stock’s 50-day moving average is $43.96 and its 200 day moving average is $44.45.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the business posted $0.82 EPS. The company’s quarterly revenue was down 14.5% compared to the same quarter last year. Sell-side analysts anticipate that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. The trade was a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 over the last quarter. Corporate insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JPMorgan Chase & Co. cut their price objective on Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a report on Wednesday, July 8th. The Goldman Sachs Group lowered their target price on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Susquehanna boosted their price target on shares of Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research note on Tuesday, July 21st. Raymond James Financial cut their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. Finally, Roth Capital reiterated a “buy” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, April 28th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

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.