Sei Investments Co. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN – Free Report) by 18.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,564,010 shares of the energy company’s stock after acquiring an additional 239,339 shares during the quarter. Sei Investments Co.’s holdings in Devon Energy were worth $78,699,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock worth $1,301,914,000 after buying an additional 212,074 shares during the period. Geode Capital Management LLC increased its stake in shares of 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 valued at $700,238,000 after buying an additional 186,743 shares during the period. Victory Capital Management Inc. increased its stake in shares of Devon Energy by 17.5% during the fourth quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock valued at $509,779,000 after buying an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Devon Energy by 2.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company’s stock valued at $483,475,000 after acquiring an additional 235,561 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC raised its holdings in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.
Insiders Place Their Bets
In other news, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the sale, the senior vice president owned 130,540 shares of the company’s stock, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 112,371 shares of company stock valued at $5,258,059. 4.58% of the stock is currently owned by insiders.
Devon Energy Trading Down 0.5%
Devon Energy (NYSE:DVN – Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the previous year, the business earned $0.82 EPS. Devon Energy’s revenue for the quarter was down 14.5% compared to the same quarter last year. Equities research analysts expect that Devon Energy Corporation will post 4.64 EPS for the current fiscal year.
Devon Energy Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were paid a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.8%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. Devon Energy’s payout ratio is 35.65%.
Analyst Ratings Changes
Several research analysts have issued reports on DVN shares. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price on the stock in a report on Wednesday, June 10th. Raymond James Financial cut their target price on shares of Devon Energy from $66.00 to $64.00 and set a “strong-buy” rating on the stock in a research report on Thursday, July 16th. Scotiabank boosted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Capital One Financial lowered their price target on shares of Devon Energy from $63.00 to $61.00 and set an “overweight” rating for the company in a research report on Tuesday, June 2nd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Devon Energy in a research note on Thursday, June 11th. Two 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. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $59.56.
View Our Latest Stock Analysis on DVN
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.
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