L2 Asset Management LLC Makes New $5.75 Million Investment in Devon Energy Corporation $DVN

L2 Asset Management LLC bought a new stake in shares of Devon Energy Corporation (NYSE:DVN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 139,256 shares of the energy company’s stock, valued at approximately $5,754,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of DVN. BlackRock Inc. grew its stake in Devon Energy by 57.6% during the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after acquiring an additional 34,871,366 shares in the last quarter. GQG Partners LLC bought a new position in shares of Devon Energy in the second quarter worth $402,558,000. Pacer Advisors Inc. increased its holdings in shares of 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 worth $233,953,000 after purchasing an additional 6,097,658 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of Devon Energy by 137.4% in the second quarter. Bank of New York Mellon Corp now owns 9,628,124 shares of the energy company’s stock worth $397,834,000 after purchasing an additional 5,573,172 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of Devon Energy by 42,376.5% in 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 in the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated 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. This trade represents a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 4.58% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $48.22 on Tuesday. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The company has a fifty day moving average of $43.82 and a 200-day moving average of $45.54. The company has a market capitalization of $53.05 billion, a P/E ratio of 11.45, a P/E/G ratio of 1.35 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. During the same quarter in the prior year, the firm earned $0.84 earnings per share. The firm’s revenue was up 73.1% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. Devon Energy’s dividend payout ratio is 30.40%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on DVN. BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Evercore upgraded Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a research note on Wednesday, June 10th. Raymond James Financial lowered their price target on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Mizuho lifted their price target on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Finally, UBS Group cut their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Two analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

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.