Wellington Management Group LLP Has $2.13 Billion Stake in Devon Energy Corporation $DVN

Wellington Management Group LLP raised its position in shares of Devon Energy Corporation (NYSE:DVN) by 418.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,522,376 shares of the energy company’s stock after acquiring an additional 41,581,435 shares during the period. Wellington Management Group LLP’s holdings in Devon Energy were worth $2,128,905,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. BlackRock Inc. boosted its position 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 valued at $3,941,054,000 after acquiring an additional 34,871,366 shares during the period. State Street Corp increased its position in Devon Energy by 0.6% during the fourth quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC increased its position in Devon Energy by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares during the period. Victory Capital Management Inc. raised its stake in 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. Finally, Bank of America Corp DE acquired a new position in Devon Energy during the 2nd quarter valued at $421,226,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 4.58% of the company’s stock.

Devon Energy Trading Up 0.6%

Shares of DVN stock opened at $47.42 on Friday. The stock has a market cap of $52.16 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The firm has a fifty day moving average of $44.19 and a 200-day moving average of $45.62.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The firm 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 company’s revenue for the quarter was up 73.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.84 earnings per share. On average, equities research analysts forecast that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.32 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.7%. Devon Energy’s dividend payout ratio is presently 30.40%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $68.00 to $65.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. JPMorgan Chase & Co. reduced their target price on shares of Devon Energy from $62.00 to $55.00 and set an “overweight” rating for the company in a research note on Wednesday, July 8th. Barclays decreased their target price on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. UBS Group cut their price target on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday, July 15th. Finally, Susquehanna raised their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.15.

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.