Adage Capital Partners GP L.L.C. Grows Position in Devon Energy Corporation $DVN

Key Points

• Adage Capital Partners GP L.L.C. has increased its stake in Devon Energy Corporation by 14.8%, now owning 2,484,492 shares valued at approximately $92.9 million.
• Devon Energy's recent quarterly earnings exceeded expectations, reporting $0.84 EPS compared to the estimated $0.83, alongside a substantial 9.4% increase in year-over-year revenue.
• The company declared a quarterly dividend of $0.24, with a dividend yield of 2.6%, set to be paid on September 30th to shareholders recorded by September 15th.

Adage Capital Partners GP L.L.C. lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 14.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,484,492 shares of the energy company's stock after acquiring an additional 320,700 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 0.39% of Devon Energy worth $92,920,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of DVN. Chiron Capital Management LLC boosted its stake in Devon Energy by 5.9% during the first quarter. Chiron Capital Management LLC now owns 17,915 shares of the energy company's stock worth $670,000 after acquiring an additional 1,001 shares in the last quarter. EP Wealth Advisors LLC increased its stake in shares of Devon Energy by 43.2% in the first quarter. EP Wealth Advisors LLC now owns 32,881 shares of the energy company's stock worth $1,230,000 after purchasing an additional 9,921 shares in the last quarter. Focus Partners Advisor Solutions LLC purchased a new position in Devon Energy during the first quarter valued at $313,000. Quarry LP grew its stake in Devon Energy by 4,804.1% during the first quarter. Quarry LP now owns 47,962 shares of the energy company's stock valued at $1,794,000 after acquiring an additional 46,984 shares in the last quarter. Finally, DRW Securities LLC bought a new position in Devon Energy during the first quarter valued at $2,710,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analyst Upgrades and Downgrades

DVN has been the subject of several research reports. Mizuho lowered their price objective on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Piper Sandler lowered their target price 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. William Blair assumed coverage on shares of Devon Energy in a report on Monday, August 25th. They issued an "outperform" rating for the company. Siebert Williams Shank raised their target price on shares of Devon Energy from $47.00 to $52.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Finally, Wolfe Research raised their target price on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a report on Monday, June 23rd. Sixteen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Stock Down 2.3%

Shares of Devon Energy stock traded down $0.81 on Friday, reaching $34.77. The stock had a trading volume of 8,727,564 shares, compared to its average volume of 6,185,437. The company has a 50 day moving average price of $33.70 and a 200 day moving average price of $33.24. The stock has a market capitalization of $22.07 billion, a P/E ratio of 7.80, a P/E/G ratio of 2.05 and a beta of 1.09. The company has a quick ratio of 1.13, a current ratio of 1.22 and a debt-to-equity ratio of 0.55. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $43.29.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The business had revenue of $4.28 billion during the quarter, compared to analysts' expectations of $4.01 billion. During the same period in the previous year, the business posted $1.41 EPS. The business's quarterly revenue was up 9.4% compared to the same quarter last year. As a group, equities research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's payout ratio is presently 21.52%.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the sale, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. The trade was a 19.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.71% of the company's stock.

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.