Gabelli Funds LLC Buys 13,100 Shares of Devon Energy Corporation $DVN

Gabelli Funds LLC raised its stake in Devon Energy Corporation (NYSE:DVN) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 322,100 shares of the energy company’s stock after buying an additional 13,100 shares during the period. Gabelli Funds LLC’s holdings in Devon Energy were worth $16,208,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. State Street Corp increased its holdings in shares of Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after buying an additional 212,074 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Devon Energy by 2.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock worth $483,475,000 after acquiring an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its position in 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 acquiring an additional 3,195,862 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on 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 approximately $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the firm’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 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 SEC filing for this sale provides additional information. Insiders have sold 112,371 shares of company stock worth $5,258,059 over the last ninety days. Insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on DVN shares. Royal Bank Of Canada upped their target price on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 8th. Barclays lifted their price target on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research note on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a report on Thursday, June 11th. Wells Fargo & Company lifted their target price on shares of Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a research report on Monday, May 18th. Finally, Truist Financial reduced their target price on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.

Devon Energy Stock Down 0.5%

Shares of DVN opened at $45.05 on Friday. The stock’s 50-day moving average price is $44.09 and its two-hundred day moving average price is $44.34. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a market capitalization of $28.00 billion, a PE ratio of 12.55 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 issued its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the company posted $0.82 EPS. The company’s quarterly revenue was down 14.5% on a year-over-year basis. On average, analysts anticipate that Devon Energy Corporation will post 4.64 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 35.65%.

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.