22,000 Shares in Devon Energy Corporation $DVN Bought by ACT Capital Management LLC

ACT Capital Management LLC bought a new position in Devon Energy Corporation (NYSE:DVN) in the fourth quarter, Holdings Channel.com reports. The firm bought 22,000 shares of the energy company’s stock, valued at approximately $806,000. Devon Energy comprises about 0.7% of ACT Capital Management LLC’s holdings, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Schonfeld Strategic Advisors LLC purchased a new position in Devon Energy in the 4th quarter worth $356,000. DV Equities LLC purchased a new position in Devon Energy in the 4th quarter worth $32,000. Laird Norton Wetherby Trust Company LLC purchased a new position in Devon Energy in the 4th quarter worth $1,607,000. Kovack Advisors Inc. raised its stake in Devon Energy by 25.2% in the 4th quarter. Kovack Advisors Inc. now owns 15,798 shares of the energy company’s stock worth $579,000 after acquiring an additional 3,175 shares during the last quarter. Finally, Trexquant Investment LP raised its stake in Devon Energy by 118.6% in the 4th quarter. Trexquant Investment LP now owns 825,470 shares of the energy company’s stock worth $30,237,000 after acquiring an additional 447,788 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE:DVN opened at $42.57 on Thursday. Devon Energy Corporation has a 52 week low of $31.45 and a 52 week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $26.45 billion, a PE ratio of 11.86 and a beta of 0.37. The stock’s 50-day moving average price is $46.65 and its 200-day moving average price is $43.28.

Devon Energy (NYSE:DVN) last posted 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). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the firm posted $0.82 earnings per share. The company’s quarterly revenue was down 14.5% on a year-over-year basis. As a group, equities analysts expect that Devon Energy Corporation will post 4.97 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.0%. The ex-dividend date is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Insider Buying and Selling

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 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. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. Insiders own 4.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on DVN shares. UBS Group reduced their target price on Devon Energy from $60.00 to $58.00 and set a “buy” rating for the company in a research note on Wednesday, June 10th. Piper Sandler lifted their price objective on Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research note on Thursday, March 12th. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research note on Wednesday, June 10th. Susquehanna lifted their price objective on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Finally, Mizuho lifted their price objective on Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.44.

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.