Arrowstreet Capital Limited Partnership Grows Position in Devon Energy Corporation $DVN

Arrowstreet Capital Limited Partnership raised its position in Devon Energy Corporation (NYSE:DVN) by 92.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,180,682 shares of the energy company’s stock after purchasing an additional 2,485,603 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Devon Energy were worth $260,692,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Woodline Partners LP grew its holdings in Devon Energy by 98.8% in the 1st quarter. Woodline Partners LP now owns 115,780 shares of the energy company’s stock valued at $4,330,000 after buying an additional 57,555 shares during the period. Sivia Capital Partners LLC purchased a new position in shares of Devon Energy during the 2nd quarter worth about $403,000. Jump Financial LLC lifted its holdings in shares of Devon Energy by 58.8% during the 2nd quarter. Jump Financial LLC now owns 28,251 shares of the energy company’s stock worth $899,000 after acquiring an additional 10,464 shares during the period. Daiwa Securities Group Inc. boosted its position in shares of Devon Energy by 17.8% in the second quarter. Daiwa Securities Group Inc. now owns 148,882 shares of the energy company’s stock worth $4,736,000 after acquiring an additional 22,482 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its position in shares of Devon Energy by 6.0% in the second quarter. NewEdge Advisors LLC now owns 144,174 shares of the energy company’s stock worth $4,586,000 after acquiring an additional 8,127 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

DVN has been the subject of several research analyst reports. Jefferies Financial Group upped their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a “buy” rating in a research report on Monday, May 18th. The Goldman Sachs Group lowered their price objective on shares of Devon Energy from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a report on Sunday, June 21st. JPMorgan Chase & Co. cut their target price on Devon Energy from $62.00 to $55.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 8th. Finally, Argus boosted their price target on Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research report on Wednesday, June 10th. Two equities 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 company’s stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $59.56.

Insider Activity at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, valued at $6,162,793.40. This represents a 15.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the 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 completion of the sale, the senior vice president directly 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. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by company insiders.

Devon Energy Stock Down 0.5%

Shares of Devon Energy stock opened at $45.05 on Friday. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The stock has a market cap of $28.00 billion, a price-to-earnings ratio of 12.55 and a beta of 0.38. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The company has a fifty day moving average price of $44.09 and a 200 day moving average price of $44.34.

Devon Energy (NYSE:DVN) last released its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The company’s revenue for the quarter was down 14.5% compared to the same quarter last year. During the same period last year, the business earned $0.82 earnings per share. Equities research analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

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.