Devon Energy (NYSE:DVN) CEO Clay Gaspar Acquires 3,913 Shares

Devon Energy Corporation (NYSE:DVN) CEO Clay Gaspar purchased 3,913 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average price of $51.08 per share, for a total transaction of $199,876.04. Following the purchase, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This represents a 0.64% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Devon Energy Stock Performance

NYSE:DVN traded down $0.50 during midday trading on Monday, reaching $49.73. 14,588,644 shares of the company traded hands, compared to its average volume of 10,111,569. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The firm has a market capitalization of $54.70 billion, a price-to-earnings ratio of 11.81, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37. 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 company has a fifty day moving average price of $45.80 and a 200 day moving average price of $46.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s revenue was up 73.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, analysts expect that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

Hedge Funds Weigh In On Devon Energy

Several hedge funds have recently made changes to their positions in DVN. Core Capital Management & Research inc. acquired a new position in Devon Energy during the second quarter valued at approximately $5,527,000. The Manufacturers Life Insurance Company increased its position in shares of Devon Energy by 100.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 654,560 shares of the energy company’s stock worth $27,046,000 after purchasing an additional 327,803 shares during the last quarter. Sequoia Financial Advisors LLC raised its stake in shares of Devon Energy by 31.3% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 89,209 shares of the energy company’s stock worth $3,686,000 after purchasing an additional 21,285 shares in the last quarter. MCF Advisors LLC raised its stake in shares of Devon Energy by 34.1% during the 2nd quarter. MCF Advisors LLC now owns 7,720 shares of the energy company’s stock worth $319,000 after purchasing an additional 1,961 shares in the last quarter. Finally, National Pension Service boosted its holdings in shares of Devon Energy by 83.3% in the 2nd quarter. National Pension Service now owns 2,123,951 shares of the energy company’s stock valued at $87,762,000 after buying an additional 965,060 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DVN. UBS Group increased their price objective on Devon Energy from $55.00 to $63.00 and gave the stock a “buy” rating in a report on Monday. Citigroup boosted their target price on shares of Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, August 31st. Capital One Financial lowered their price objective on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research note on Tuesday, June 2nd. Jefferies Financial Group raised their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Finally, Raymond James Financial raised their target price on Devon Energy from $64.00 to $67.00 and gave the company a “strong-buy” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.76.

About Devon Energy

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.