Opal Capital LLC Takes Position in Devon Energy Corporation $DVN

Opal Capital LLC acquired a new stake in Devon Energy Corporation (NYSE:DVN) during the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 121,543 shares of the energy company’s stock, valued at approximately $6,116,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in Devon Energy during the fourth quarter worth approximately $25,000. MV Capital Management Inc. bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Garton & Associates Financial Advisors LLC bought a new position in shares of Devon Energy in the fourth quarter valued at approximately $29,000. Elyxium Wealth LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $31,000. Finally, DV Equities LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth $32,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on DVN shares. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Jefferies Financial Group upped their price target on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a report on Monday, May 18th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Devon Energy in a research report on Thursday, June 11th. Finally, The Goldman Sachs Group dropped their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.56.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $42.72 on Wednesday. The firm has a market capitalization of $26.55 billion, a PE ratio of 11.90 and a beta of 0.38. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The business’s 50 day moving average is $43.82 and its 200-day moving average is $44.51.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 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 analyst estimates of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.82 earnings per share. Sell-side analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current 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 paid a $0.32 dividend. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. Devon Energy’s payout ratio is presently 35.65%.

Insiders Place Their Bets

In related news, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 over the last quarter. Company insiders own 4.58% of the company’s stock.

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.