AIA Group Ltd Boosts Position in Devon Energy Corporation $DVN

AIA Group Ltd boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 27.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 128,115 shares of the energy company’s stock after buying an additional 27,503 shares during the quarter. AIA Group Ltd’s holdings in Devon Energy were worth $6,447,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Gunpowder Capital Management LLC dba Oliver Wealth Management bought a new stake in shares of Devon Energy during the fourth quarter valued at approximately $25,000. SouthState Bank Corp increased its holdings in Devon Energy by 173.6% during the 1st quarter. SouthState Bank Corp now owns 766 shares of the energy company’s stock worth $39,000 after purchasing an additional 486 shares during the period. MV Capital Management Inc. bought a new stake in Devon Energy during the 4th quarter valued at $29,000. Garton & Associates Financial Advisors LLC bought a new stake in Devon Energy during the 4th quarter valued at $29,000. Finally, Steigerwald Gordon & Koch Inc. lifted its holdings in shares of Devon Energy by 6,666.7% in the 1st quarter. Steigerwald Gordon & Koch Inc. now owns 812 shares of the energy company’s stock worth $41,000 after buying an additional 800 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.0%

Shares of NYSE:DVN opened at $43.84 on Monday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The business’s fifty day simple moving average is $44.37 and its 200-day simple moving average is $44.13. The company has a market capitalization of $27.25 billion, a PE ratio of 12.21 and a beta of 0.38. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 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 the consensus estimate 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 period in the previous year, the firm posted $0.82 earnings per share. As a group, equities research analysts predict that Devon Energy Corporation will post 4.61 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is presently 35.65%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Zacks Research downgraded Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Wells Fargo & Company lifted their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a report on Monday, May 18th. Jefferies Financial Group upped their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research note on Monday, May 18th. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, Scotiabank raised their target price 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. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $59.32.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were 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 directly owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 in the last 90 days. 4.58% of the stock is owned by corporate insiders.

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.