Leuthold Group LLC lifted its stake in Devon Energy Corporation (NYSE:DVN – Free Report) by 1,297.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 204,176 shares of the energy company’s stock after purchasing an additional 189,570 shares during the period. Leuthold Group LLC’s holdings in Devon Energy were worth $8,437,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp boosted its position 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 buying an additional 212,074 shares during the period. Geode Capital Management LLC increased its position 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 worth $700,238,000 after acquiring an additional 186,743 shares during the period. Victory Capital Management Inc. increased its position 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 worth $509,779,000 after acquiring an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 2.5% during 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 stake in shares of Devon Energy by 56.5% during 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. Hedge funds and other institutional investors own 69.72% of the company’s stock.
Devon Energy Price Performance
Shares of DVN opened at $45.83 on Friday. The company has a 50 day moving average price of $43.40 and a 200-day moving average price of $45.14. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The stock has a market capitalization of $50.41 billion, a PE ratio of 10.89 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 Dividend Announcement
The business 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. This represents a $1.28 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is 30.40%.
Analyst Upgrades and Downgrades
DVN has been the subject of a number of research reports. Truist Financial boosted their price target on Devon Energy from $61.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, August 6th. UBS Group reduced their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Wells Fargo & Company decreased their target price on Devon Energy from $68.00 to $65.00 and set an “overweight” rating for the company in a research report on Thursday. Susquehanna upped their target price on Devon Energy from $57.00 to $63.00 and gave the stock a “positive” rating in a report on Tuesday, July 21st. Finally, BMO Capital Markets reissued an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.60.
View Our Latest Stock Analysis on DVN
Insider Transactions at Devon Energy
In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the 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 sale, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. This trade represents a 11.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 4.58% of the company’s stock.
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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