Bank of New York Mellon Corp Has $204.04 Million Stake in Devon Energy Corporation $DVN

Bank of New York Mellon Corp raised its holdings in Devon Energy Corporation (NYSE:DVN) by 1.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,054,952 shares of the energy company’s stock after purchasing an additional 49,295 shares during the quarter. Bank of New York Mellon Corp’s holdings in Devon Energy were worth $204,045,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wedge Capital Management L L P NC acquired a new position in Devon Energy in the fourth quarter valued at approximately $9,931,000. Philip James Wealth Mangement LLC boosted its stake in Devon Energy by 43.8% in the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after acquiring an additional 49,115 shares during the last quarter. Morningstar Investment Management LLC acquired a new stake in Devon Energy during the 4th quarter worth $2,089,000. LSV Asset Management grew its holdings in Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after acquiring an additional 354,500 shares during the period. Finally, Kimmeridge Energy Management Company LLC raised its position in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after acquiring an additional 3,195,862 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $43.84 on Friday. The company has a market capitalization of $27.25 billion, a price-to-earnings ratio of 12.21 and a beta of 0.38. The business’s 50-day moving average price is $44.37 and its two-hundred day moving average price is $44.07. 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 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). The firm had revenue of $3.81 billion for 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 firm’s quarterly revenue was down 14.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.82 earnings per share. Equities analysts expect that Devon Energy Corporation will post 4.61 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is presently 35.65%.

Insiders Place Their Bets

In other news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction that occurred 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 directly owned 130,540 shares in the company, valued at $6,162,793.40. This trade represents a 15.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’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 directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 in the last quarter. 4.58% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on DVN shares. Sanford C. Bernstein raised their price target on Devon Energy from $42.00 to $59.00 and gave the stock an “outperform” rating in a research report on Monday, April 13th. Royal Bank Of Canada upped their price objective on Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Weiss Ratings restated a “hold (c)” rating on shares of Devon Energy in a report on Thursday, June 11th. BMO Capital Markets restated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Finally, The Goldman Sachs Group lowered their price target on Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $59.32.

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.