Healthcare of Ontario Pension Plan Trust Fund Has $70 Million Stake in Devon Energy Corporation $DVN

Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 131.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,910,965 shares of the energy company’s stock after buying an additional 1,085,836 shares during the quarter. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.30% of Devon Energy worth $69,999,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in DVN. AQR Capital Management LLC lifted its holdings in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Devon Energy by 608.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock valued at $98,721,000 after buying an additional 2,314,843 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after buying an additional 2,071,021 shares during the last quarter. Sourcerock Group LLC lifted its holdings in shares of Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after buying an additional 1,672,824 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Devon Energy by 446.7% during the 4th quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock valued at $45,286,000 after buying an additional 1,010,170 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. TD Cowen increased their price target on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Morgan Stanley lifted their price target on shares of Devon Energy from $59.00 to $66.00 and gave the company an “overweight” rating in a research report on Thursday, May 21st. Scotiabank lifted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Tudor Pickering raised shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Finally, Wolfe Research lifted their price target on shares of Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a research report on Monday, April 6th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.67.

Devon Energy Trading Down 0.1%

NYSE:DVN opened at $45.26 on Monday. Devon Energy Corporation has a 12 month low of $31.45 and a 12 month high of $52.71. The firm has a market cap of $28.13 billion, a price-to-earnings ratio of 12.61 and a beta of 0.38. The company’s 50 day moving average is $47.04 and its 200-day moving average is $43.14. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data 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 company had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company’s revenue was down 14.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.82 EPS. Equities analysts anticipate that Devon Energy Corporation will post 4.73 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.32 dividend. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio is 26.74%.

Insider Transactions at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

Devon Energy Company 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.