Quantinno Capital Management LP Acquires 63,942 Shares of Devon Energy Corporation $DVN

Quantinno Capital Management LP lifted its holdings in Devon Energy Corporation (NYSE:DVN) by 13.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 552,469 shares of the energy company’s stock after buying an additional 63,942 shares during the quarter. Quantinno Capital Management LP owned approximately 0.09% of Devon Energy worth $27,800,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of DVN. Pacer Advisors Inc. lifted its position in Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after acquiring an additional 6,097,658 shares during the period. Panagora Asset Management Inc. grew its holdings in Devon Energy by 42,376.5% in the fourth 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 during the period. Kimmeridge Energy Management Company LLC increased its stake in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of 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 in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in shares of Devon Energy by 92.2% during the first quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after purchasing an additional 2,485,603 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

DVN stock opened at $45.08 on Friday. The stock’s 50 day simple moving average is $43.64 and its 200 day simple moving average is $44.63. 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 12-month low of $31.47 and a 12-month high of $52.71. The stock has a market capitalization of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its earnings results 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 during the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the business posted $0.82 EPS. The firm’s revenue for the quarter was down 14.5% on a year-over-year basis. As a group, research analysts forecast that Devon Energy Corporation will post 4.64 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. This is a boost 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 35.65%.

Insider Activity at Devon Energy

In related news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated 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 sale, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This trade represents a 15.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction dated 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 transaction, the senior vice president directly owned 138,529 shares of the company’s stock, valued at approximately $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. Insiders have sold 112,371 shares of company stock valued at $5,258,059 over the last ninety days. Insiders own 4.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on DVN shares. Capital One Financial dropped their price target on Devon Energy from $63.00 to $61.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 2nd. Tudor Pickering raised Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 20th. Raymond James Financial lowered their price objective on Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 16th. Truist Financial dropped their target price on Devon Energy from $66.00 to $61.00 and set a “buy” rating on the stock in a report on Thursday, July 9th. Finally, Evercore raised Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a research note 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 given a Hold rating to the stock. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $59.56.

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.