Baker Avenue Asset Management LP Buys 18,320 Shares of Devon Energy Corporation $DVN

Baker Avenue Asset Management LP grew its stake in Devon Energy Corporation (NYSE:DVN) by 31.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,844 shares of the energy company’s stock after acquiring an additional 18,320 shares during the quarter. Baker Avenue Asset Management LP’s holdings in Devon Energy were worth $2,815,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the stock. Woodline Partners LP lifted its position in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after acquiring an additional 57,555 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Devon Energy in the 2nd quarter worth $403,000. Jump Financial LLC increased its holdings in shares of Devon Energy by 58.8% in the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after purchasing an additional 10,464 shares in the last quarter. Daiwa Securities Group Inc. raised its stake in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after purchasing an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC raised its stake in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after purchasing an additional 8,127 shares during the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.71% of the company’s stock.

Devon Energy Price Performance

NYSE DVN opened at $44.14 on Friday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12 month low of $30.24 and a 12 month high of $52.71. The company’s 50 day moving average is $48.03 and its two-hundred day moving average is $42.36. The stock has a market cap of $27.43 billion, a price-to-earnings ratio of 12.30 and a beta of 0.43.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). The business had revenue of $3.81 billion for the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.82 EPS. As a group, research analysts anticipate that Devon Energy Corporation will post 4.21 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a dividend of $0.32 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date is Monday, June 15th. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DVN shares. Argus raised their target price on shares of Devon Energy from $41.00 to $51.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. BMO Capital Markets upped their price objective on Devon Energy from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Citigroup increased their target price on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Wolfe Research boosted their price target on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research note on Monday, April 6th. Finally, Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Four equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $57.85.

Devon Energy Profile

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.