iSAM Funds UK Ltd Purchases New Position in Devon Energy Corporation $DVN

iSAM Funds UK Ltd purchased a new position in Devon Energy Corporation (NYSE:DVN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 36,800 shares of the energy company’s stock, valued at approximately $1,521,000. Devon Energy accounts for about 1.1% of iSAM Funds UK Ltd’s investment portfolio, making the stock its 16th biggest holding.

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after buying an additional 34,871,366 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after buying an additional 41,581,435 shares in the last quarter. State Street Corp grew its stake in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC grew its stake in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares during the period. Finally, Victory Capital Management Inc. grew its stake in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.0%

NYSE DVN opened at $49.03 on Thursday. The business has a fifty day moving average price of $44.54 and a 200 day moving average price of $45.74. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company has a market cap of $53.93 billion, a P/E ratio of 11.65, a P/E/G ratio of 1.35 and a beta of 0.37. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71.

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

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Weiss Ratings cut shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, August 25th. Raymond James Financial dropped their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Barclays cut their target price on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. The Goldman Sachs Group reduced their price target on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Tuesday, June 30th. Finally, Wells Fargo & Company decreased their price target on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Two research 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.23.

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.