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

Panagora Asset Management Inc. lifted its position in shares of Devon Energy Corporation (NYSE:DVN) by 42,376.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,609,228 shares of the energy company’s stock after buying an additional 3,600,731 shares during the period. Panagora Asset Management Inc. owned about 0.58% of Devon Energy worth $132,206,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. AQR Capital Management LLC boosted its position in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after purchasing an additional 2,802,137 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in Devon Energy by 608.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock valued at $98,721,000 after purchasing an additional 2,314,843 shares during the last quarter. Victory Capital Management Inc. boosted 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 purchasing an additional 2,071,021 shares during the last quarter. Sourcerock Group LLC boosted its position in Devon Energy by 2,132.3% during the second quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock valued at $55,708,000 after purchasing an additional 1,672,824 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in Devon Energy by 131.6% during the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,910,965 shares of the energy company’s stock valued at $69,999,000 after purchasing an additional 1,085,836 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on DVN shares. Wells Fargo & Company increased their price target on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. JPMorgan Chase & Co. started coverage on Devon Energy in a research report on Monday, June 8th. They set an “overweight” rating and a $62.00 price target for the company. Susquehanna increased their price target on Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research report on Tuesday, April 21st. Truist Financial increased their price target on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Devon Energy in a research 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 company’s stock. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.67.

Devon Energy Stock Performance

DVN opened at $45.26 on Monday. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71. The stock has a market cap of $28.13 billion, a price-to-earnings ratio of 12.61 and a beta of 0.38. The business has a 50 day moving average of $47.04 and a 200-day moving average of $43.14. 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 released its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $4.34 billion. During the same period in the previous year, the business earned $0.82 earnings per share. The business’s quarterly revenue was down 14.5% on a year-over-year basis. On average, equities research analysts expect that Devon Energy Corporation will post 4.73 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. Devon Energy’s payout ratio is 26.74%.

Insider Activity

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 stock was sold at an average price of $46.74, for a total value 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. The trade was a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last three months. Insiders own 4.58% of the company’s stock.

Devon Energy 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.