Aberdeen Group plc Grows Stock Position in Devon Energy Corporation $DVN

Key Points

• Aberdeen Group plc increased its holdings in Devon Energy Corporation (DVN) by 89.8%, owning approximately 341,679 shares valued at $12.77 million as of the latest quarter.
• Numerous institutional investors, including Horizon Investments LLC and Sei Investments Co., have raised their stakes in Devon Energy, with 69.72% of the stock owned by institutional investors and hedge funds.
• Devon Energy's quarterly earnings included a reported $0.84 earnings per share, beating expectations, while the company also announced a quarterly dividend of $0.24 per share to be paid on September 30th.

Aberdeen Group plc increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 89.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 341,679 shares of the energy company's stock after purchasing an additional 161,637 shares during the period. Aberdeen Group plc owned 0.05% of Devon Energy worth $12,769,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. Fuller & Thaler Asset Management Inc. increased its position in Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Devon Energy by 2.6% during the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the last quarter. Nuveen LLC acquired a new position in shares of Devon Energy in the 1st quarter worth approximately $69,975,000. Assenagon Asset Management S.A. lifted its holdings in shares of Devon Energy by 530.3% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,067,465 shares of the energy company's stock worth $77,323,000 after acquiring an additional 1,739,436 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its position in shares of Devon Energy by 345.9% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 2,163,792 shares of the energy company's stock worth $70,821,000 after purchasing an additional 1,678,500 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director directly owned 31,801 shares of the company's stock, valued at $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.71% of the stock is currently owned by company insiders.

Devon Energy Stock Up 3.6%

Devon Energy stock traded up $1.2350 during trading on Friday, reaching $35.1250. The stock had a trading volume of 8,408,473 shares, compared to its average volume of 7,446,868. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $46.04. The business has a 50 day moving average price of $33.25 and a 200 day moving average price of $33.14. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. The stock has a market cap of $22.30 billion, a PE ratio of 7.88, a P/E/G ratio of 1.93 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The firm's quarterly revenue was up 9.4% on a year-over-year basis. On average, analysts predict that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.24 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a yield of 2.7%. Devon Energy's dividend payout ratio is 21.52%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on DVN. The Goldman Sachs Group increased their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Tudor, Pickering, Holt & Co. increased their price objective on shares of Devon Energy from $42.00 to $44.00 in a research report on Thursday, July 3rd. Morgan Stanley increased their price objective on shares of Devon Energy from $46.00 to $49.00 and gave the stock an "overweight" rating in a research report on Monday, August 18th. Piper Sandler dropped their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a report on Thursday, August 14th. Finally, Wells Fargo & Company lifted their price objective on shares of Devon Energy from $42.00 to $43.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Fifteen research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $44.15.

About Devon Energy

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.