Ransom Advisory Ltd Takes Position in Devon Energy Corporation $DVN

Ransom Advisory Ltd bought a new stake in Devon Energy Corporation (NYSE:DVN) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,246 shares of the energy company’s stock, valued at approximately $84,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company’s stock valued at $3,096,000,000 after buying an additional 2,098,568 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after buying an additional 1,315,050 shares in the last quarter. Northern Trust Corp raised its position in shares of Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company’s stock valued at $245,987,000 after buying an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Devon Energy by 81.1% in the 1st quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company’s stock valued at $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Devon Energy by 8.1% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company’s stock valued at $176,036,000 after buying an additional 354,633 shares in the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 3.4%

DVN opened at $35.48 on Thursday. Devon Energy Corporation has a fifty-two week low of $25.89 and a fifty-two week high of $43.29. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a market capitalization of $22.52 billion, a price-to-earnings ratio of 7.95, a PEG ratio of 1.97 and a beta of 1.09. The company’s 50 day moving average price is $33.83 and its two-hundred day moving average price is $33.17.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the firm posted $1.41 EPS. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy’s payout ratio is presently 21.52%.

Insiders Place Their Bets

In other news, Director Kelt Kindick sold 7,685 shares of the company’s stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the sale, the director directly owned 31,801 shares of the company’s stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.71% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Wall Street Zen upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Thursday, May 15th. BMO Capital Markets upped their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an “outperform” rating in a research report on Monday, July 14th. The Goldman Sachs Group upped their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 15th. William Blair assumed coverage on shares of Devon Energy in a research report on Monday, August 25th. They set an “outperform” rating for the company. Finally, Bernstein Bank lowered their price objective on shares of Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research report on Monday, July 7th. Sixteen investment analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.15.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.