Gateway Wealth Partners LLC Takes Position in Devon Energy Corporation $DVN

Gateway Wealth Partners LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 19,463 shares of the energy company’s stock, valued at approximately $979,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its holdings in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after purchasing an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC raised its holdings in Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after buying an additional 2,485,603 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 4.4%

Shares of Devon Energy stock opened at $44.54 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market capitalization of $27.68 billion, a P/E ratio of 12.41 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’s fifty day moving average is $43.74 and its two-hundred day moving average is $44.57.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 annualized dividend and a yield of 2.9%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

Analyst Ratings Changes

A number of research analysts recently commented on DVN shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Zacks Research cut shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Scotiabank upped their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Citigroup raised their price objective on Devon Energy from $60.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, May 20th. Finally, JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.56.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last ninety days. Insiders own 4.58% of the company’s stock.

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.