Russell Investments Group Ltd. Buys 638,475 Shares of Devon Energy Corporation $DVN

Russell Investments Group Ltd. grew its position in Devon Energy Corporation (NYSE:DVN) by 45.9% during the 2nd quarter, Holdings Channel reports. The firm owned 2,029,165 shares of the energy company’s stock after purchasing an additional 638,475 shares during the quarter. Russell Investments Group Ltd.’s holdings in Devon Energy were worth $83,878,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of DVN. LSV Asset Management raised its holdings in shares of Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock valued at $29,289,000 after buying an additional 354,500 shares during the last quarter. Morningstar Investment Management LLC acquired a new stake in shares of Devon Energy during the 4th quarter worth approximately $2,089,000. Kimmeridge Energy Management Company LLC grew its position in shares of Devon Energy by 56.5% during 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 buying an additional 3,195,862 shares during the period. Illinois Municipal Retirement Fund raised its stake in Devon Energy by 15.5% during the 1st quarter. Illinois Municipal Retirement Fund now owns 194,773 shares of the energy company’s stock worth $9,801,000 after buying an additional 26,209 shares during the period. Finally, NewEdge Wealth LLC grew its position in shares of Devon Energy by 20.0% in the 1st quarter. NewEdge Wealth LLC now owns 479,681 shares of the energy company’s stock valued at $24,138,000 after purchasing an additional 80,000 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have commented on DVN shares. Jefferies Financial Group raised their target price on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a report on Monday, May 18th. Raymond James Financial reduced their price target on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a report on Thursday, July 16th. UBS Group dropped their price objective on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Mizuho upped their price objective on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Finally, Wolfe Research set a $67.00 price objective on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.60.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Stock Down 0.1%

Devon Energy stock opened at $45.83 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The company’s 50-day moving average is $43.40 and its 200-day moving average is $45.18. The firm has a market capitalization of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same period last year, the business posted $0.84 EPS. Devon Energy’s revenue was up 73.1% on a year-over-year basis. Sell-side analysts anticipate that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date is Tuesday, September 15th. Devon Energy’s payout ratio is currently 30.40%.

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.