The Manufacturers Life Insurance Company Acquires New Position in Devon Energy Corporation $DVN

by · The Cerbat Gem

The Manufacturers Life Insurance Company bought a new position in shares of Devon Energy Corporation (NYSE:DVN – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 654,560 shares of the energy company’s stock, valued at approximately $27,046,000. The Manufacturers Life Insurance Company owned approximately 0.06% of Devon Energy as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Jones Financial Companies Lllp purchased a new stake in shares of Devon Energy during the second quarter worth $95,000. Trajan Wealth LLC purchased a new position in Devon Energy in the second quarter valued at $203,000. Fiduciary Financial Advisors purchased a new position in Devon Energy in the second quarter valued at $75,000. Manning & Napier Advisors LLC acquired a new position in Devon Energy during the 2nd quarter worth $4,225,000. Finally, L2 Asset Management LLC acquired a new position in Devon Energy during the 2nd quarter worth $5,754,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. reduced their price target on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Capital One Financial lowered their price objective on Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Finally, Weiss Ratings cut shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.15.

Read Our Latest Research Report on Devon Energy

Devon Energy Stock Up 0.7%

Devon Energy stock opened at $47.16 on Friday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.72 and a quick ratio of 0.67. The stock has a market cap of $51.88 billion, a PE ratio of 11.20, a P/E/G ratio of 1.29 and a beta of 0.38. The stock’s fifty day moving average is $44.09 and its two-hundred day moving average is $45.61.

Devon Energy (NYSE:DVN – Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to the consensus estimate of $6.01 billion. During the same period in the previous year, the business earned $0.84 EPS. Devon Energy’s revenue for the quarter was up 73.1% on a year-over-year basis. On average, sell-side analysts expect that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Dividend Announcement

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

Insider Transactions at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction that occurred on 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 in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 4.58% of the stock is owned by company insiders.

About Devon Energy

(Free Report)

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.

See Also