Palo Duro Investment Partners LP Makes New Investment in Devon Energy Corporation $DVN

Palo Duro Investment Partners LP purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 503,984 shares of the energy company’s stock, valued at approximately $20,825,000. Devon Energy accounts for 4.0% of Palo Duro Investment Partners LP’s investment portfolio, making the stock its 10th largest position.

Other large investors have also made changes to their positions in the company. LSV Asset Management raised its stake in 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 during the period. Morningstar Investment Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter valued at $2,089,000. Kimmeridge Energy Management Company LLC increased its holdings in shares of 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 during the last quarter. Illinois Municipal Retirement Fund increased its holdings in shares of 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 last quarter. Finally, NewEdge Wealth LLC raised its position in shares of Devon Energy by 20.0% in 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. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Wolfe Research set a $67.00 price target on Devon Energy and gave the company an “outperform” rating in a research report on Monday, June 22nd. Wall Street Zen upgraded Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday, August 15th. UBS Group reduced their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a report on Wednesday, June 10th. Finally, Morgan Stanley dropped their target price on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on Wednesday, June 10th. The shares were 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 owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 4.58% of the stock is owned by company insiders.

Devon Energy Trading Down 0.2%

NYSE:DVN opened at $46.82 on Thursday. The business’s 50-day moving average is $43.99 and its two-hundred day moving average is $45.59. The firm has a market capitalization of $51.50 billion, a PE ratio of 11.12, a price-to-earnings-growth ratio of 1.29 and a beta of 0.38. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67.

Devon Energy (NYSE:DVN) last issued its earnings results 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. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The company had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the prior year, the business earned $0.84 earnings per share. The company’s revenue was up 73.1% compared to the same quarter last year. Research analysts predict that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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

Devon Energy 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.