National Pension Service Acquires 965,060 Shares of Devon Energy Corporation $DVN

National Pension Service lifted its holdings in Devon Energy Corporation (NYSE:DVN) by 83.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 2,123,951 shares of the energy company’s stock after acquiring an additional 965,060 shares during the quarter. National Pension Service’s holdings in Devon Energy were worth $87,762,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tobam raised its stake in Devon Energy by 16.4% in the fourth quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after buying an additional 230 shares in the last quarter. Sigma Planning Corp boosted its position in Devon Energy by 3.5% during the 2nd quarter. Sigma Planning Corp now owns 6,902 shares of the energy company’s stock valued at $285,000 after acquiring an additional 233 shares in the last quarter. TD Private Client Wealth LLC boosted its position in Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after acquiring an additional 236 shares in the last quarter. Retirement Planning Group LLC increased its holdings in shares of Devon Energy by 4.5% in the 2nd quarter. Retirement Planning Group LLC now owns 5,647 shares of the energy company’s stock valued at $233,000 after acquiring an additional 243 shares during the period. Finally, JFS Wealth Advisors LLC increased its holdings in shares of Devon Energy by 56.6% in the 2nd quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company’s stock valued at $28,000 after acquiring an additional 245 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on DVN. Citigroup upped their price objective on Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, August 31st. Stifel Nicolaus initiated coverage on Devon Energy in a research note on Thursday. They issued a “buy” rating and a $61.00 target price on the stock. Argus reiterated a “buy” rating and issued a $45.85 target price on shares of Devon Energy in a report on Monday, August 17th. Zacks Research lowered shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Morgan Stanley decreased their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Devon Energy has an average rating of “Moderate Buy” and a consensus target price of $59.30.

Devon Energy Stock Performance

DVN opened at $50.19 on Friday. The firm’s 50-day moving average price is $45.61 and its 200-day moving average price is $45.95. The company has a market cap of $55.21 billion, a P/E ratio of 11.92, a price-to-earnings-growth ratio of 1.36 and a beta of 0.37. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping 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 company had revenue of $7.42 billion for the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter in the previous year, the firm earned $0.84 EPS. Devon Energy’s revenue was up 73.1% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Corporation will post 5.24 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s payout ratio is 30.40%.

Devon Energy Company Profile

Devon Energy Corporation is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company also gathers, processes and transports hydrocarbons through related midstream infrastructure and markets its production to customers in the United States.

Devon’s operations are concentrated in U.S. onshore basins, including the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.