World Investment Advisors Increases Stake in Devon Energy Corporation $DVN

World Investment Advisors boosted its position in shares of Devon Energy Corporation (NYSE:DVN) by 54.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 46,916 shares of the energy company’s stock after purchasing an additional 16,505 shares during the period. World Investment Advisors’ holdings in Devon Energy were worth $1,719,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Corient Private Wealth LLC raised its holdings in Devon Energy by 12.7% in the fourth quarter. Corient Private Wealth LLC now owns 116,073 shares of the energy company’s stock worth $4,253,000 after buying an additional 13,124 shares during the last quarter. Gunpowder Capital Management LLC dba Oliver Wealth Management purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $25,000. Tulsa Wealth Advisors INC purchased a new stake in shares of Devon Energy during the fourth quarter valued at approximately $343,000. Tobam increased its position in shares of Devon Energy by 16.4% during the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock valued at $60,000 after acquiring an additional 230 shares in the last quarter. Finally, MidFirst Bank bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $927,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

DVN stock opened at $42.21 on Friday. The company has a market cap of $26.23 billion, a P/E ratio of 11.76 and a beta of 0.37. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The stock’s fifty day moving average price is $46.38 and its 200-day moving average price is $43.31.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate 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% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 EPS. On average, equities analysts forecast that Devon Energy Corporation will post 4.97 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.0%. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio is presently 35.65%.

Insider Buying and Selling at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated 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 completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 in the last three months. 4.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have commented on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Morgan Stanley boosted their price target on Devon Energy from $59.00 to $66.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. UBS Group lowered their price target on Devon Energy from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Wednesday, June 10th. Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price objective on the stock in a research report on Wednesday, June 10th. Finally, Argus lifted their price objective on Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $58.44.

About Devon Energy

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.