Devon Energy Corporation $DVN Shares Purchased by AIA Group Ltd

AIA Group Ltd lifted its stake in Devon Energy Corporation (NYSE:DVN) by 27.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 128,115 shares of the energy company’s stock after purchasing 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 bought and sold shares of the stock. State Street Corp raised 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 buying an additional 212,074 shares during the last quarter. Geode Capital Management LLC raised its stake in Devon Energy by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares during the last quarter. Victory Capital Management Inc. raised its stake in Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after acquiring an additional 2,071,021 shares during the last quarter. Kimmeridge Energy Management Company LLC lifted its position in Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. Finally, AQR Capital Management LLC lifted its position in Devon Energy by 29.3% during the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock worth $288,306,000 after acquiring an additional 1,862,720 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.0%

Shares of DVN opened at $43.84 on Monday. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $27.25 billion, a price-to-earnings ratio of 12.21 and a beta of 0.38. The stock’s 50-day moving average price is $44.37 and its 200-day moving average price is $44.13.

Devon Energy (NYSE:DVN) last posted its 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 for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm’s revenue was down 14.5% on a year-over-year basis. During the same period last year, the business earned $0.82 earnings per share. On average, sell-side analysts predict that Devon Energy Corporation will post 4.61 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date was Monday, June 15th. 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. Devon Energy’s payout ratio is currently 35.65%.

Insider Transactions at Devon Energy

In other 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 transaction of $841,320.00. Following the sale, the senior vice president owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy 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 transaction, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,371 shares of company stock valued at $5,258,059 in the last 90 days. 4.58% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Citigroup increased their price objective on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Argus increased their price target on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Wolfe Research set a $67.00 price target on shares of Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. JPMorgan Chase & Co. reduced their price target on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research report on Wednesday, July 8th. Finally, Wells Fargo & Company lifted their price objective on shares of Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.32.

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.