Manning & Napier Advisors LLC Makes New $4.22 Million Investment in Devon Energy Corporation $DVN

Manning & Napier Advisors LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 100,615 shares of the energy company’s stock, valued at approximately $4,225,000.

A number of other large investors also recently bought and sold shares of DVN. LSV Asset Management increased its stake in shares of Devon Energy by 79.6% during 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 in the last quarter. Morningstar Investment Management LLC acquired a new stake in Devon Energy in the 4th quarter worth about $2,089,000. Kimmeridge Energy Management Company LLC increased its stake 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 buying an additional 3,195,862 shares in the last quarter. Illinois Municipal Retirement Fund increased its stake 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 in the last quarter. Finally, NewEdge Wealth LLC raised its holdings in shares of Devon Energy by 20.0% during the first quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after acquiring an additional 80,000 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of research reports. Weiss Ratings raised shares of Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Argus restated a “buy” rating and issued a $45.85 price target on shares of Devon Energy in a research report on Monday, August 17th. Finally, Mizuho increased their price target on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.

Insiders Place Their Bets

In other Devon Energy 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 sale, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.58% of the stock is currently owned by corporate insiders.

Devon Energy Trading Down 1.8%

NYSE DVN opened at $48.22 on Tuesday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock has a market capitalization of $53.05 billion, a P/E ratio of 11.45, a PEG ratio of 1.35 and a beta of 0.38. The firm’s 50-day moving average is $43.82 and its two-hundred day moving average is $45.54. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

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 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 analysts’ expectations of $6.01 billion. During the same quarter last year, the company posted $0.84 EPS. The firm’s quarterly revenue was up 73.1% on a year-over-year basis. On average, sell-side analysts anticipate that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

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.