Gabelli Funds LLC Purchases 13,100 Shares of Devon Energy Corporation $DVN

Gabelli Funds LLC grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 4.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 322,100 shares of the energy company’s stock after buying an additional 13,100 shares during the period. Gabelli Funds LLC owned approximately 0.05% of Devon Energy worth $16,208,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Tobam raised its stake in Devon Energy by 16.4% in the 4th quarter. Tobam now owns 1,633 shares of the energy company’s stock worth $60,000 after purchasing an additional 230 shares in the last quarter. TD Private Client Wealth LLC grew its position in shares of Devon Energy by 3.4% during the 4th quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock worth $262,000 after purchasing an additional 236 shares in the last quarter. Catalyst Financial Partners LLC grew its position in shares of Devon Energy by 3.9% during the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock worth $246,000 after purchasing an additional 254 shares in the last quarter. Cary Street Partners Investment Advisory LLC increased its holdings in shares of Devon Energy by 21.0% during the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock worth $54,000 after purchasing an additional 257 shares during the period. Finally, Zions Bancorporation National Association UT increased its holdings in shares of Devon Energy by 7.9% during the fourth quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after purchasing an additional 258 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Royal Bank Of Canada lifted their price target on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 8th. UBS Group lowered their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Wednesday, July 15th. Argus lifted their price objective on Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, June 10th. Barclays lifted their price objective on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Finally, Wells Fargo & Company increased their target price on Devon Energy from $66.00 to $68.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.56.

Devon Energy Stock Performance

NYSE DVN opened at $45.05 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. The firm has a market capitalization of $28.00 billion, a price-to-earnings ratio of 12.55 and a beta of 0.38. The firm’s 50 day simple moving average is $44.09 and its 200 day simple moving average is $44.34. Devon Energy Corporation has a 1 year low of $31.47 and a 1 year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the firm earned $0.82 earnings per share. The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, research analysts expect that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. 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 is 35.65%.

Insider Activity

In related news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction dated 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 completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In 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.