Moore Capital Management LP Purchases New Shares in Devon Energy Corporation $DVN

Moore Capital Management LP acquired a new stake in Devon Energy Corporation (NYSE:DVN) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,674,311 shares of the energy company’s stock, valued at approximately $69,183,000. Devon Energy makes up approximately 1.0% of Moore Capital Management LP’s holdings, making the stock its 8th largest position.

A number of other large investors have also modified their holdings of DVN. Wellington Management Group LLP boosted its stake in shares of Devon Energy by 418.3% during the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after acquiring an additional 41,581,435 shares in the last quarter. BlackRock Inc. increased its stake in shares of Devon Energy by 57.6% in the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after purchasing an additional 34,871,366 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Devon Energy in the 2nd quarter valued at about $421,226,000. GQG Partners LLC acquired a new position in Devon Energy in the 2nd quarter worth about $402,558,000. Finally, Pacer Advisors Inc. raised its holdings in Devon Energy by 2,108.0% in the 4th 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. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on DVN. Raymond James Financial dropped their price objective 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. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday, August 15th. Wells Fargo & Company decreased their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Jefferies Financial Group lifted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Finally, Capital One Financial cut their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a report on Tuesday, June 2nd. Two analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Devon Energy Stock Up 0.1%

Shares of DVN opened at $47.42 on Monday. The stock has a 50 day moving average price of $44.19 and a 200 day moving average price of $45.64. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The stock has a market capitalization of $52.16 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share 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 company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. During the same quarter last year, the firm posted $0.84 EPS. The firm’s revenue for the quarter was up 73.1% on a year-over-year basis. Equities research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 4.58% of the company’s stock.

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.