Devon Energy Corporation $DVN Shares Acquired by Miller Global Investments LLC

Miller Global Investments LLC grew its holdings in Devon Energy Corporation (NYSE:DVN) by 151.5% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 25,712 shares of the energy company’s stock after acquiring an additional 15,487 shares during the quarter. Miller Global Investments LLC’s holdings in Devon Energy were worth $1,062,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Pacer Advisors Inc. boosted its holdings in Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares in the last quarter. Panagora Asset Management Inc. raised its holdings in Devon Energy by 42,376.5% during the fourth quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after purchasing an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC raised its holdings in Devon Energy by 56.5% during the fourth 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 in the last quarter. AQR Capital Management LLC lifted its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after buying an additional 2,485,603 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the 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 directly owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction that occurred 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 approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 112,371 shares of company stock worth $5,258,059 over the last ninety days. 4.58% of the stock is currently owned by company insiders.

Devon Energy Trading Down 1.2%

Shares of DVN stock opened at $44.59 on Tuesday. The business’s 50 day moving average is $43.58 and its two-hundred day moving average is $44.75. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The company has a market capitalization of $27.71 billion, a P/E ratio of 12.42 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 (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same quarter last year, the company earned $0.82 EPS. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities analysts forecast that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Royal Bank Of Canada increased their target price on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. Citigroup upped their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Wells Fargo & Company raised their price objective on Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. The Goldman Sachs Group cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Tuesday, June 30th. Finally, Jefferies Financial Group raised their price target on Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $59.56.

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.