Gateway Wealth Partners LLC Takes $979,000 Position in Devon Energy Corporation $DVN

Gateway Wealth Partners LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 19,463 shares of the energy company’s stock, valued at approximately $979,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. lifted its position 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 buying an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. boosted its stake 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 buying an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC increased its position in shares of 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 valued at $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. AQR Capital Management LLC increased its position in shares of Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after acquiring an additional 2,802,137 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Devon Energy by 92.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after acquiring an additional 2,485,603 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 4.4%

NYSE:DVN opened at $44.54 on Thursday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm has a market cap of $27.68 billion, a PE ratio of 12.41 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. The stock has a fifty day moving average price of $43.74 and a 200 day moving average price of $44.57.

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). The company had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.82 EPS. Sell-side analysts anticipate that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.32 per share. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. Devon Energy’s payout ratio is currently 35.65%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DVN. Mizuho boosted their target price on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Roth Capital reiterated a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Argus raised their target price on Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 price target on the stock in a research report on Wednesday, June 10th. 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 stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $59.56.

Insider Buying and Selling

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s 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 sale, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy 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 of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 112,371 shares of company stock worth $5,258,059. 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.