Panagora Asset Management Inc. Has $132.21 Million Position in Devon Energy Corporation $DVN

Panagora Asset Management Inc. increased its position in shares of Devon Energy Corporation (NYSE:DVN) by 42,376.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,609,228 shares of the energy company’s stock after purchasing an additional 3,600,731 shares during the period. Panagora Asset Management Inc.’s holdings in Devon Energy were worth $132,206,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in DVN. Wedge Capital Management L L P NC acquired a new position in Devon Energy in the 4th quarter valued at $9,931,000. Investors Research Corp raised its holdings in Devon Energy by 13,787.5% in the 4th quarter. Investors Research Corp now owns 27,775 shares of the energy company’s stock valued at $1,017,000 after acquiring an additional 27,575 shares in the last quarter. Philip James Wealth Mangement LLC raised its holdings in Devon Energy by 43.8% in the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock valued at $5,911,000 after acquiring an additional 49,115 shares in the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy in the 4th quarter valued at $2,089,000. Finally, Victory Capital Management Inc. raised its holdings in Devon Energy by 5.0% in the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company’s stock valued at $415,319,000 after acquiring an additional 560,652 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on DVN shares. TD Cowen lifted their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a report on Tuesday, March 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Devon Energy in a report on Thursday. Wolfe Research lifted their price objective on Devon Energy from $64.00 to $65.00 and gave the company an “outperform” rating in a report on Monday, April 6th. Sanford C. Bernstein lifted their price objective on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Devon Energy in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $58.67.

Insider Activity

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of Devon Energy stock in a transaction 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 transaction, 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 position. 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 Trading Down 0.1%

Shares of DVN opened at $45.26 on Monday. Devon Energy Corporation has a 52-week low of $31.45 and a 52-week high of $52.71. The business’s fifty day moving average is $47.04 and its 200-day moving average is $43.14. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market cap of $28.13 billion, a price-to-earnings ratio of 12.61 and a beta of 0.38.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results 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 net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the business posted $0.82 EPS. The company’s revenue for the quarter was down 14.5% on a year-over-year basis. Equities analysts anticipate that Devon Energy Corporation will post 4.73 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. 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 dividend payout ratio is 26.74%.

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.