Jennison Associates LLC Grows Holdings in Devon Energy Corporation $DVN

Jennison Associates LLC boosted its position in shares of Devon Energy Corporation (NYSE:DVN) by 47.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 303,853 shares of the energy company’s stock after acquiring an additional 98,468 shares during the period. Jennison Associates LLC’s holdings in Devon Energy were worth $12,555,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. boosted its position in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after purchasing an additional 6,097,658 shares during the period. Panagora Asset Management Inc. raised its position in shares of Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after purchasing an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC raised its position in shares of Devon Energy by 56.5% during 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 purchasing an additional 3,195,862 shares during the period. AQR Capital Management LLC lifted its stake in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock valued at $202,327,000 after buying an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Devon Energy by 92.2% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 5,180,682 shares of the energy company’s stock valued at $260,692,000 after buying an additional 2,485,603 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president owned 138,529 shares in the company, valued at $6,474,845.46. This trade represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 4.58% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on DVN shares. Evercore raised shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price for the company in a report on Wednesday, June 10th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday. Barclays boosted their price objective on Devon Energy from $54.00 to $62.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Weiss Ratings raised Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Tuesday. Finally, UBS Group cut their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.60.

Devon Energy Price Performance

DVN stock opened at $45.83 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The company’s fifty day moving average price is $43.40 and its 200-day moving average price is $45.14. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71. The company has a market capitalization of $50.41 billion, a PE ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.40 by $0.17. The company had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. Devon Energy’s quarterly revenue was up 73.1% on a year-over-year basis. During the same period last year, the company posted $0.84 earnings per share. On average, equities analysts anticipate that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio is 30.40%.

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.