Diamond Hill Capital Management LLC Investment Advisor Takes $40.60 Million Position in Devon Energy Corporation $DVN

Diamond Hill Capital Management LLC Investment Advisor purchased a new stake in Devon Energy Corporation (NYSE:DVN) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 982,540 shares of the energy company’s stock, valued at approximately $40,599,000.

Other large investors have also recently bought and sold shares of the company. Continuum Advisory LLC acquired a new stake in Devon Energy during the 2nd quarter worth $73,000. Heritage Trust Co increased its stake in Devon Energy by 12.1% in the second quarter. Heritage Trust Co now owns 86,632 shares of the energy company’s stock valued at $3,580,000 after purchasing an additional 9,374 shares during the period. Argent Trust Co increased its stake in Devon Energy by 374.8% in the second quarter. Argent Trust Co now owns 104,896 shares of the energy company’s stock valued at $4,334,000 after purchasing an additional 82,803 shares during the period. Nippon Life Global Investors Americas Inc. purchased a new stake in shares of Devon Energy in the second quarter valued at about $1,165,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of Devon Energy in the second quarter valued at about $1,338,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on DVN shares. JPMorgan Chase & Co. lowered their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, July 8th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Weiss Ratings raised Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target for the company in a research note on Wednesday, June 10th. Finally, Argus increased their price target on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $59.60.

Devon Energy Trading Down 0.1%

NYSE DVN opened at $45.83 on Monday. 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 Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The firm has a 50-day moving average price of $43.40 and a 200 day moving average price of $45.18. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the firm earned $0.84 earnings per share. The firm’s revenue was up 73.1% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.99 EPS for the current 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 issued a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is currently 30.40%.

Insider Activity at Devon Energy

In related 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 sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.58% of the stock is owned by corporate insiders.

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.