Devon Energy Corporation $DVN Stock Position Increased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 100.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 654,560 shares of the energy company’s stock after purchasing an additional 327,803 shares during the period. The Manufacturers Life Insurance Company’s holdings in Devon Energy were worth $27,046,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $25,000. JFS Wealth Advisors LLC boosted its position in shares of Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock worth $28,000 after buying an additional 245 shares during the period. Parvin Asset Management LLC bought a new position in Devon Energy in the 2nd quarter worth approximately $28,000. MV Capital Management Inc. bought a new position in Devon Energy in the 4th quarter worth approximately $29,000. Finally, KERR FINANCIAL PLANNING Corp acquired a new stake in Devon Energy in the 2nd quarter valued at approximately $29,000. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on DVN. Barclays cut their target price on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. UBS Group lowered their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Zacks Research lowered Devon Energy from a “strong-buy” rating to a “hold” rating in a report on Wednesday, May 27th. Wells Fargo & Company cut their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Finally, Jefferies Financial Group upped 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. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, Devon Energy has an average rating of “Moderate Buy” and an average price target of $59.30.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $50.19 on Friday. The stock has a market cap of $55.21 billion, a price-to-earnings ratio of 11.92, a PEG 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. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The stock’s 50 day moving average price is $45.61 and its 200 day moving average price is $45.95.

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

Devon Energy Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio is 30.40%.

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.