Devon Energy Corporation $DVN Stock Position Raised by Morningstar Investment Management LLC

Morningstar Investment Management LLC increased its stake in Devon Energy Corporation (NYSE:DVN) by 51.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 86,151 shares of the energy company’s stock after acquiring an additional 29,124 shares during the quarter. Morningstar Investment Management LLC’s holdings in Devon Energy were worth $4,335,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of DVN. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 2,108.0% during the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after purchasing an additional 6,097,658 shares during the last quarter. Panagora Asset Management Inc. increased its stake in Devon Energy by 42,376.5% in the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock worth $132,206,000 after purchasing an additional 3,600,731 shares in the last quarter. Kimmeridge Energy Management Company LLC increased its stake in Devon Energy by 56.5% in 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 purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC raised its holdings in Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after buying an additional 2,802,137 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock worth $260,692,000 after buying an additional 2,485,603 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Devon Energy

In related news, 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 transaction of $3,267,553.14. Following the completion of the sale, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the firm’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 transaction of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last three months. 4.58% of the stock is owned by corporate insiders.

Devon Energy Stock Down 0.5%

NYSE:DVN opened at $45.05 on Friday. The business’s fifty day moving average price is $44.09 and its 200 day moving average price is $44.34. The firm has a market capitalization 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. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The business had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the previous year, the business posted $0.82 earnings per share. The company’s revenue was down 14.5% compared to the same quarter last year. On average, sell-side 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 declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.8%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Monday, June 15th. Devon Energy’s payout ratio is currently 35.65%.

Analyst Upgrades and Downgrades

A number of research firms have commented on DVN. Wolfe Research set a $67.00 price objective on shares of Devon Energy and gave the company an “outperform” rating in a research note on Monday, June 22nd. Wall Street Zen downgraded shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Jefferies Financial Group boosted their price target on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a report on Monday, May 18th. Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Morgan Stanley reduced their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research report on Friday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $59.56.

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.