Dockside LLC Takes $1.03 Million Position in Devon Energy Corporation $DVN

Dockside LLC purchased a new position in shares of Devon Energy Corporation (NYSE:DVN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 28,034 shares of the energy company’s stock, valued at approximately $1,027,000.

A number of other hedge funds have also bought and sold shares of DVN. State Street Corp boosted 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 purchasing an additional 212,074 shares during the period. Geode Capital Management LLC boosted its holdings 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 valued at $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. boosted its holdings in Devon Energy by 17.5% in 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 period. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company’s stock valued at $327,938,000 after purchasing an additional 552,068 shares during the period. Finally, AQR Capital Management LLC boosted its holdings in Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after purchasing an additional 1,862,720 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.1%

DVN opened at $45.26 on Monday. The company’s 50 day moving average is $47.04 and its 200-day moving average is $43.14. Devon Energy Corporation has a 1-year low of $31.45 and a 1-year high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. The company has a market cap of $28.13 billion, a P/E ratio of 12.61 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share 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 company had revenue of $3.81 billion during 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 for the quarter was down 14.5% on a year-over-year basis. Equities research analysts predict that Devon Energy Corporation will post 4.73 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

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

Insider Activity

In other 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 value of $3,267,553.14. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 10th. The shares were 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 owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 112,371 shares of company stock worth $5,258,059. Corporate insiders own 4.58% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on DVN. Roth Mkm reissued a “buy” rating and issued a $57.00 price objective on shares of Devon Energy in a report on Tuesday, April 28th. Royal Bank Of Canada boosted their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Truist Financial boosted their price objective on shares of Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 1st. Jefferies Financial Group boosted their price objective 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. Finally, Barclays raised their target price on shares of Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Two analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $58.67.

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.