Arrowstreet Capital Limited Partnership Acquires 2,314,843 Shares of Devon Energy Corporation $DVN

Arrowstreet Capital Limited Partnership boosted its holdings in Devon Energy Corporation (NYSE:DVN) by 608.8% in the 4th quarter, HoldingsChannel.com reports. The firm owned 2,695,079 shares of the energy company’s stock after purchasing an additional 2,314,843 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Devon Energy were worth $98,721,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in DVN. TD Private Client Wealth LLC grew its stake in shares of Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company’s stock valued at $262,000 after buying an additional 236 shares during the last quarter. Catalyst Financial Partners LLC lifted its stake in shares of Devon Energy by 3.9% in the 4th quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company’s stock valued at $246,000 after acquiring an additional 254 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Devon Energy by 21.0% during the 4th quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company’s stock valued at $54,000 after acquiring an additional 257 shares during the period. Zions Bancorporation National Association UT grew its position in Devon Energy by 7.9% during the 4th quarter. Zions Bancorporation National Association UT now owns 3,527 shares of the energy company’s stock worth $129,000 after acquiring an additional 258 shares during the last quarter. Finally, Murphy Pohlad Asset Management LLC grew its position in Devon Energy by 0.3% during the 4th quarter. Murphy Pohlad Asset Management LLC now owns 113,537 shares of the energy company’s stock worth $4,159,000 after acquiring an additional 295 shares during the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DVN shares. Wells Fargo & Company boosted their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. TD Cowen raised their target price on shares of Devon Energy from $46.00 to $50.00 and gave the stock a “hold” rating in a report on Tuesday, March 17th. Sanford C. Bernstein upped their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Argus increased their price target on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Devon Energy in a report on Thursday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $58.44.

Devon Energy Stock Performance

Devon Energy stock opened at $43.49 on Tuesday. Devon Energy Corporation has a twelve month low of $31.45 and a twelve month high of $52.71. The company has a market capitalization of $27.02 billion, a P/E ratio of 12.11 and a beta of 0.38. The stock’s 50 day moving average is $46.92 and its 200 day moving average is $43.20. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted 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). The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.82 EPS. On average, equities research analysts predict that Devon Energy Corporation will post 4.73 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy’s dividend payout ratio is presently 26.74%.

Insider Transactions at Devon Energy

In other 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 transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 112,371 shares of company stock worth $5,258,059. Corporate insiders own 4.58% of the company’s stock.

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.