41,270 Shares in Devon Energy Corporation $DVN Purchased by Quantitative Investment Management LLC

Quantitative Investment Management LLC purchased a new position in Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 41,270 shares of the energy company’s stock, valued at approximately $1,705,000.

A number of other institutional investors have also added to or reduced their stakes in DVN. BlackRock Inc. lifted its holdings in shares of Devon Energy by 57.6% in the second quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock worth $3,941,054,000 after buying an additional 34,871,366 shares in the last quarter. Wellington Management Group LLP grew its stake in Devon Energy by 418.3% during the second quarter. Wellington Management Group LLP now owns 51,522,376 shares of the energy company’s stock valued at $2,128,905,000 after acquiring an additional 41,581,435 shares in the last quarter. State Street Corp increased its holdings in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC lifted 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 purchasing an additional 186,743 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 17.5% during the 4th 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. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Devon Energy stock opened at $48.58 on Tuesday. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The firm has a 50-day moving average price of $44.31 and a 200-day moving average price of $45.67. The firm has a market capitalization of $53.44 billion, a PE ratio of 11.54, a price-to-earnings-growth ratio of 1.30 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping analysts’ consensus estimates of $1.40 by $0.17. The company had revenue of $7.42 billion for the quarter, compared to analyst estimates of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm’s revenue for the quarter was up 73.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.84 EPS. As a group, equities research analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.32 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.6%. Devon Energy’s dividend payout ratio is currently 30.40%.

Insider Buying and Selling at Devon Energy

In related 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 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 approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on DVN. Wolfe Research set a $67.00 target price on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday, August 15th. Argus reissued a “buy” rating and issued a $45.85 price objective on shares of Devon Energy in a research note on Monday, August 17th. Raymond James Financial reduced their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 16th. Finally, Jefferies Financial Group upped their price objective on Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $59.23.

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.