1832 Asset Management L.P. Has $8.81 Million Stake in Devon Energy Co. (NYSE:DVN)

1832 Asset Management L.P. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 23.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 175,481 shares of the energy company’s stock after purchasing an additional 33,203 shares during the quarter. 1832 Asset Management L.P.’s holdings in Devon Energy were worth $8,806,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of DVN. Vanguard Group Inc. lifted its stake in Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares in the last quarter. Raymond James & Associates increased its stake in Devon Energy by 8.9% during the 1st quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock worth $453,871,000 after acquiring an additional 736,449 shares during the period. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% in the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after acquiring an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after acquiring an additional 1,488,374 shares during the period. Finally, Raymond James Financial Services Advisors Inc. lifted its position in shares of Devon Energy by 3.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after acquiring an additional 156,230 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at $5,317,449.28. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.73% of the stock is owned by company insiders.

Devon Energy Price Performance

NYSE DVN traded up $0.06 on Friday, reaching $46.34. The company had a trading volume of 4,327,154 shares, compared to its average volume of 5,853,101. The stock has a market capitalization of $29.29 billion, a PE ratio of 8.84, a price-to-earnings-growth ratio of 0.77 and a beta of 2.07. The firm’s 50 day moving average price is $47.19 and its 200 day moving average price is $47.12. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s quarterly revenue was down 5.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.46 earnings per share. As a group, equities analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current year.

Devon Energy Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 1.90%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Analysts Set New Price Targets

DVN has been the topic of several analyst reports. Morgan Stanley increased their price target on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Stifel Nicolaus lifted their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Citigroup upped their price objective on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Scotiabank decreased their target price on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. Finally, StockNews.com cut shares of Devon Energy from a “buy” rating to a “hold” rating in a report on Saturday. Six investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.13.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.