Pine Valley Investments Ltd Liability Co Purchases 42,465 Shares of Devon Energy Corporation $DVN

Pine Valley Investments Ltd Liability Co boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 467.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 51,553 shares of the energy company’s stock after buying an additional 42,465 shares during the period. Pine Valley Investments Ltd Liability Co’s holdings in Devon Energy were worth $2,594,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of DVN. State Street Corp lifted its position in shares of 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 acquiring an additional 212,074 shares in the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 1.0% during 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 purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. raised its stake in Devon Energy by 17.5% during 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 purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Devon Energy by 2.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after purchasing an additional 235,561 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its stake in Devon Energy by 56.5% in 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 purchasing an additional 3,195,862 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

NYSE DVN opened at $44.59 on Tuesday. The stock has a market capitalization of $27.71 billion, a PE ratio of 12.42 and a beta of 0.38. The business has a 50 day simple moving average of $43.58 and a two-hundred day simple moving average of $44.75. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The firm had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.82 EPS. On average, research analysts predict that Devon Energy Corporation will post 4.64 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy’s payout ratio is 35.65%.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction 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 sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group cut their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Royal Bank Of Canada boosted their target price on shares of Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Wells Fargo & Company upped their target price on shares of Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Wall Street Zen cut shares of Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Argus lifted their price target on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.56.

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.