Alaska Permanent Fund Corp Has $2.75 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Alaska Permanent Fund Corp boosted its stake in Devon Energy Co. (NYSE:DVN) by 12.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,891 shares of the energy company’s stock after purchasing an additional 6,180 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Devon Energy were worth $2,754,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Rise Advisors LLC raised its position in shares of Devon Energy by 60.0% in the 1st quarter. Rise Advisors LLC now owns 1,149 shares of the energy company’s stock valued at $58,000 after acquiring an additional 431 shares during the period. Mather Group LLC. acquired a new stake in shares of Devon Energy during the first quarter worth about $121,000. GAMMA Investing LLC lifted its holdings in shares of Devon Energy by 39.2% during the 1st quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company’s stock valued at $548,000 after purchasing an additional 3,079 shares in the last quarter. Compass Wealth Management LLC grew its position in shares of Devon Energy by 6.0% in the 1st quarter. Compass Wealth Management LLC now owns 5,300 shares of the energy company’s stock valued at $266,000 after purchasing an additional 300 shares during the period. Finally, Martin Capital Partners LLC increased its stake in Devon Energy by 19.7% during the 1st quarter. Martin Capital Partners LLC now owns 65,843 shares of the energy company’s stock worth $3,304,000 after purchasing an additional 10,854 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN traded up $0.39 during trading on Thursday, reaching $46.04. The company’s stock had a trading volume of 1,915,031 shares, compared to its average volume of 7,337,730. The firm has a 50 day moving average price of $49.52 and a 200 day moving average price of $46.76. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The firm has a market capitalization of $29.10 billion, a price-to-earnings ratio of 8.71, a price-to-earnings-growth ratio of 1.21 and a beta of 2.08. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.64 billion. During the same period in the previous year, the company posted $1.46 earnings per share. The firm’s revenue for the quarter was down 5.9% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date is Friday, June 14th. Devon Energy’s payout ratio is currently 16.79%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.73% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Barclays started coverage on shares of Devon Energy in a report on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price objective on the stock. Piper Sandler boosted their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Scotiabank boosted their target price on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research note on Thursday, April 11th. Mizuho raised their price target on shares of Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, May 13th. Finally, Morgan Stanley lifted their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a report on Monday, April 15th. Four research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $59.24.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.