Oppenheimer & Co. Inc. Has $6.50 Million Position in Devon Energy Corporation $DVN

Oppenheimer & Co. Inc. boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 16.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 157,313 shares of the energy company’s stock after buying an additional 21,940 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Devon Energy were worth $6,500,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in DVN. LSV Asset Management grew its stake in shares of Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after purchasing an additional 354,500 shares during the last quarter. Kimmeridge Energy Management Company LLC raised its position in Devon Energy by 56.5% during the 4th 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 during the last quarter. Morningstar Investment Management LLC bought a new position in Devon Energy during the 4th quarter worth $2,089,000. Illinois Municipal Retirement Fund lifted its holdings in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after buying an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC lifted its holdings in Devon Energy by 20.0% during the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock worth $24,138,000 after buying an additional 80,000 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently weighed in on DVN. Roth Capital reissued a “buy” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Argus lifted their price objective on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a research note on Wednesday, June 10th. Scotiabank upped their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Finally, Mizuho raised their price target on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Two investment 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. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $59.60.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction that occurred on Wednesday, June 10th. The stock was 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 in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 4.58% of the stock is owned by corporate insiders.

Devon Energy Stock Performance

Shares of DVN opened at $45.83 on Friday. 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 firm’s fifty day simple moving average is $43.40 and its two-hundred day simple moving average is $45.14. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The stock has a market capitalization of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s quarterly revenue was up 73.1% on a year-over-year basis. During the same period last year, the company posted $0.84 EPS. As a group, analysts predict that Devon Energy Corporation will post 4.99 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) 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.