Devon Energy Corporation $DVN Stock: Robeco Institutional Asset Management B.V. Raises Stake

Robeco Institutional Asset Management B.V. raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 2.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 496,008 shares of the energy company’s stock after buying an additional 10,550 shares during the quarter. Robeco Institutional Asset Management B.V.’s holdings in Devon Energy were worth $22,836,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Diversify Advisory Services LLC bought a new position in Devon Energy during the 3rd quarter worth approximately $497,000. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in shares of Devon Energy by 12.1% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 175,839 shares of the energy company’s stock valued at $8,096,000 after purchasing an additional 18,924 shares during the period. Jeppson Wealth Management LLC purchased a new stake in shares of Devon Energy during the third quarter valued at approximately $200,000. Bank of Stockton grew its holdings in shares of Devon Energy by 23.5% in the third quarter. Bank of Stockton now owns 17,139 shares of the energy company’s stock worth $789,000 after purchasing an additional 3,257 shares during the last quarter. Finally, Foundation Resource Management Inc. grew its holdings in shares of Devon Energy by 4.0% in the third quarter. Foundation Resource Management Inc. now owns 158,238 shares of the energy company’s stock worth $7,285,000 after purchasing an additional 6,159 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Clay M. Gaspar bought 3,913 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were bought at an average cost of $51.08 per share, for a total transaction of $199,876.04. Following the completion of the transaction, the chief executive officer owned 619,152 shares of the company’s stock, valued at approximately $31,626,284.16. This trade represents a 0.64% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert Ferrall Lowe III sold 6,756 shares of Devon Energy stock in a transaction on Monday, September 14th. The shares were sold at an average price of $50.95, for a total value of $344,218.20. Following the transaction, the executive vice president owned 72,720 shares in the company, valued at $3,705,084. This trade represents a 8.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 4.58% of the company’s stock.

Devon Energy Stock Up 4.4%

Shares of Devon Energy stock opened at $51.34 on Friday. Devon Energy Corporation has a twelve month low of $31.65 and a twelve month high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The company’s 50 day moving average is $48.58 and its 200 day moving average is $46.34. The company has a market cap of $56.48 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 1.30 and a beta of 0.49.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The business had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm’s revenue was up 73.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.84 EPS. Research analysts anticipate that Devon Energy Corporation will post 5.39 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th were issued a $0.32 dividend. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.5%. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on DVN. Weiss Ratings upgraded shares of Devon Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, October 8th. Barclays upped their price target on Devon Energy from $58.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, October 9th. Scotiabank began coverage on shares of Devon Energy in a report on Wednesday, October 14th. They issued a “sector outperform” rating and a $61.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Devon Energy from $60.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, October 2nd. Finally, Citigroup upped their price objective on shares of Devon Energy from $65.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, August 31st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-five have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $60.72.

Devon Energy Company Profile

Devon Energy Corporation (NYSE:DVN) is an independent energy company engaged primarily in the exploration, development and production of oil, natural gas and natural gas liquids. The company focuses on onshore operations in the United States and markets the hydrocarbons produced from its assets to customers across the energy sector.

Devon’s portfolio has historically included major U.S. resource plays such as the Delaware Basin in the Permian Basin, the Eagle Ford, the Anadarko Basin, the Williston Basin and the Powder River Basin.