Quantitative Investment Management LLC Takes $1.71 Million Position in Devon Energy Corporation $DVN

Quantitative Investment Management LLC acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 41,270 shares of the energy company’s stock, valued at approximately $1,705,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. BlackRock Inc. lifted its holdings in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after buying an additional 34,871,366 shares during the period. Wellington Management Group LLP boosted its stake in shares of Devon Energy by 418.3% in the 2nd quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock worth $2,128,905,000 after buying an additional 41,581,435 shares during the last quarter. State Street Corp grew its holdings in shares of Devon Energy by 0.6% in the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC increased its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock valued at $700,238,000 after acquiring an additional 186,743 shares during the last quarter. Finally, Victory Capital Management Inc. increased its position in Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 2.6%

NYSE DVN opened at $48.58 on Tuesday. The stock’s 50-day moving average price is $44.31 and its 200-day moving average price is $45.67. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a market capitalization of $53.44 billion, a P/E ratio of 11.54, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion for the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a return on equity of 14.93% and a net margin of 16.67%.The business’s quarterly revenue was up 73.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.84 EPS. On average, equities research analysts predict that Devon Energy Corporation will post 5.2 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 annualized dividend and a yield of 2.6%. Devon Energy’s payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the company’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 transaction, the senior vice president directly owned 138,529 shares in the company, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.58% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Truist Financial upped their price target on shares of Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Barclays lowered their price objective on shares of Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research note on Monday, August 17th. The Goldman Sachs Group dropped their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. Finally, Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the company an “outperform” rating in a research report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus target price of $59.23.

About Devon Energy

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.