Arrowstreet Capital Limited Partnership Increases Stock Holdings in Devon Energy Corporation $DVN

Arrowstreet Capital Limited Partnership boosted its position in shares of Devon Energy Corporation (NYSE:DVN) by 92.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 owned approximately 0.83% of Devon Energy worth $260,692,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Wedge Capital Management L L P NC acquired a new position in Devon Energy during the 4th quarter worth about $9,931,000. Philip James Wealth Mangement LLC increased its stake in Devon Energy by 43.8% during the fourth quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company’s stock worth $5,911,000 after purchasing an additional 49,115 shares during the period. Morningstar Investment Management LLC purchased a new stake in Devon Energy during the fourth quarter worth about $2,089,000. LSV Asset Management lifted its holdings in Devon Energy by 79.6% during the 4th quarter. LSV Asset Management now owns 799,587 shares of the energy company’s stock worth $29,289,000 after buying an additional 354,500 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC boosted its position 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 valued at $324,204,000 after buying an additional 3,195,862 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on DVN shares. Zacks Research cut Devon Energy from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, May 27th. Morgan Stanley lowered their target price on Devon Energy from $66.00 to $63.00 and set an “overweight” rating for the company in a research note on Friday, June 26th. Barclays upped their price target on Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. 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. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average target price of $59.56.

Insider Buying and Selling at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The shares were 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 in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by corporate insiders.

Devon Energy Stock Down 0.5%

DVN stock opened at $45.05 on Friday. The company has a fifty day moving average price of $44.09 and a 200 day moving average price of $44.34. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $28.00 billion, a price-to-earnings ratio of 12.55 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate 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 last year, the company posted $0.82 EPS. Devon Energy’s quarterly revenue was down 14.5% on a year-over-year basis. Sell-side analysts expect that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.32 dividend. The ex-dividend date was Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy’s payout ratio 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.