Kimmeridge Energy Management Company LLC Has $324.20 Million Position in Devon Energy Corporation $DVN

Kimmeridge Energy Management Company LLC grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 56.5% in the 4th quarter, Holdings Channel reports. The firm owned 8,850,790 shares of the energy company’s stock after acquiring an additional 3,195,862 shares during the quarter. Devon Energy accounts for about 51.8% of Kimmeridge Energy Management Company LLC’s portfolio, making the stock its largest holding. Kimmeridge Energy Management Company LLC’s holdings in Devon Energy were worth $324,204,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC increased its stake in shares of Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock valued at $28,000 after acquiring an additional 308 shares in the last quarter. Ameriflex Group Inc. increased its stake in shares of Devon Energy by 702.0% in the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock valued at $28,000 after acquiring an additional 702 shares in the last quarter. Neo Ivy Capital Management bought a new stake in shares of Devon Energy in the 3rd quarter valued at $31,000. Olistico Wealth LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at $31,000. Finally, Elyxium Wealth LLC bought a new stake in shares of Devon Energy in the 4th quarter valued at $31,000. Institutional investors own 69.72% of the company’s stock.

Insider Activity at Devon Energy

In related news, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction 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 completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, 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 can be accessed through the SEC website. Also, SVP Andrea Alexander sold 18,000 shares of the business’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 value of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is owned by company insiders.

Devon Energy Stock Performance

NYSE DVN opened at $42.88 on Wednesday. The company has a fifty day simple moving average of $46.79 and a 200 day simple moving average of $43.24. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month 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 $26.64 billion, a P/E ratio of 11.94 and a beta of 0.37.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The business had revenue of $3.81 billion during the quarter, compared to analyst estimates of $4.34 billion. During the same period in the previous year, the business posted $0.82 EPS. The business’s revenue for the quarter was down 14.5% compared to the same quarter last year. Sell-side analysts predict that Devon Energy Corporation will post 4.88 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Monday, June 15th. This is an increase from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is 35.65%.

Analyst Ratings Changes

Several analysts have recently weighed in on DVN shares. Argus lifted their price objective on shares of Devon Energy from $51.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Jefferies Financial Group lifted their price objective on shares of Devon Energy from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, May 18th. Royal Bank Of Canada lifted their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 8th. Susquehanna lifted their price objective on shares of Devon Energy from $52.00 to $57.00 and gave the company a “positive” rating in a research note on Tuesday, April 21st. Finally, Wall Street Zen upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research note on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.