One68 Global Capital LLC Buys New Position in Devon Energy Corporation $DVN

One68 Global Capital LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 11,000 shares of the energy company’s stock, valued at approximately $455,000. Devon Energy comprises about 1.0% of One68 Global Capital LLC’s portfolio, making the stock its 22nd biggest position.

Several other hedge funds also recently made changes to their positions in DVN. BlackRock Inc. lifted its position in shares of Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after purchasing an additional 34,871,366 shares in the last quarter. State Street Corp grew its position in Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after purchasing an additional 212,074 shares in the last quarter. Geode Capital Management LLC increased its stake in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after buying an additional 186,743 shares during the last quarter. Victory Capital Management Inc. increased its stake in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after buying an additional 2,071,021 shares during the last quarter. Finally, Bank of America Corp DE bought a new stake in Devon Energy during the 2nd quarter worth about $421,226,000. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $47.16 on Friday. The firm has a 50-day moving average of $44.09 and a 200-day moving average of $45.61. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a market cap of $51.88 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 1.29 and a beta of 0.38. 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 released its quarterly earnings data 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. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 EPS. As a group, equities analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders 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 yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s payout ratio is 30.40%.

Analysts Set New Price Targets

DVN has been the subject of a number of recent research reports. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective for the company in a research note on Wednesday, June 10th. UBS Group lowered their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Weiss Ratings lowered Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Citigroup increased their price target on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, May 20th. Finally, BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’s 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 4.58% of the stock is currently owned by company 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.