Piedmont Investment Advisors Inc. Purchases Shares of 7,132 Devon Energy Corp (NYSE:DVN)

Piedmont Investment Advisors Inc. bought a new position in Devon Energy Corp (NYSE:DVN) during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 7,132 shares of the energy company’s stock, valued at approximately $225,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC raised its holdings in Devon Energy by 1.6% during the 4th quarter. FMR LLC now owns 11,817,254 shares of the energy company’s stock valued at $266,361,000 after acquiring an additional 183,453 shares during the period. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.6% during the 1st quarter. Victory Capital Management Inc. now owns 7,465,560 shares of the energy company’s stock valued at $235,613,000 after acquiring an additional 41,004 shares during the period. American Century Companies Inc. raised its holdings in Devon Energy by 31.0% during the 4th quarter. American Century Companies Inc. now owns 6,641,322 shares of the energy company’s stock valued at $149,695,000 after acquiring an additional 1,571,861 shares during the period. Geode Capital Management LLC raised its holdings in Devon Energy by 3.8% during the 4th quarter. Geode Capital Management LLC now owns 6,558,033 shares of the energy company’s stock valued at $147,570,000 after acquiring an additional 242,508 shares during the period. Finally, Norges Bank bought a new stake in Devon Energy during the 4th quarter valued at $109,799,000. Hedge funds and other institutional investors own 84.06% of the company’s stock.

In other news, CAO Jeremy D. Humphers sold 4,000 shares of the stock in a transaction dated Tuesday, June 4th. The shares were sold at an average price of $25.40, for a total transaction of $101,600.00. Following the completion of the sale, the chief accounting officer now directly owns 81,914 shares in the company, valued at $2,080,615.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 0.63% of the company’s stock.

A number of equities research analysts have issued reports on DVN shares. Royal Bank of Canada set a $42.00 target price on shares of Devon Energy and gave the company a “hold” rating in a report on Thursday, May 2nd. Macquarie set a $40.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a report on Thursday, May 2nd. Piper Jaffray Companies set a $39.00 price target on shares of Devon Energy and gave the stock a “buy” rating in a report on Friday, May 31st. ValuEngine cut shares of Devon Energy from a “hold” rating to a “sell” rating in a report on Wednesday, May 1st. Finally, Zacks Investment Research raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $36.00 price target on the stock in a report on Monday, April 1st. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $44.30.

NYSE DVN traded up $0.22 during trading on Friday, hitting $28.52. 8,134,836 shares of the company’s stock traded hands, compared to its average volume of 5,898,729. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.37 and a current ratio of 1.37. The business’s fifty day moving average price is $27.72. The firm has a market cap of $11.75 billion, a price-to-earnings ratio of 22.11, a P/E/G ratio of 2.16 and a beta of 2.28. Devon Energy Corp has a 12-month low of $20.37 and a 12-month high of $46.54.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, April 30th. The energy company reported $0.36 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.30 by $0.06. The company had revenue of $1.50 billion during the quarter, compared to analyst estimates of $2.52 billion. Devon Energy had a net margin of 29.33% and a return on equity of 7.12%. During the same period in the prior year, the business posted $0.20 earnings per share. On average, sell-side analysts anticipate that Devon Energy Corp will post 1.86 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a dividend of $0.09 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.26%. Devon Energy’s dividend payout ratio is currently 27.91%.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada. It operates approximately 12,900 gross wells. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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