Aigen Investment Management LP Makes New $887,000 Investment in Devon Energy Corporation (NYSE:DVN)

Key Points

• Aigen Investment Management LP has invested approximately $887,000 in Devon Energy Corporation by acquiring 23,725 shares during the first quarter.
• Devon Energy has reported a quarterly earnings per share (EPS) of $0.84, exceeding analysts' expectations, with revenue increasing 9.4% year-over-year.
• The company has announced a quarterly dividend of $0.24 per share, reflecting an annualized yield of 2.9%, with the payment date set for September 30th.

Aigen Investment Management LP purchased a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 23,725 shares of the energy company's stock, valued at approximately $887,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Covestor Ltd boosted its position in Devon Energy by 15.9% during the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after purchasing an additional 345 shares in the last quarter. Whittier Trust Co. boosted its position in Devon Energy by 24.3% during the first quarter. Whittier Trust Co. now owns 1,927 shares of the energy company's stock worth $72,000 after purchasing an additional 377 shares in the last quarter. Hager Investment Management Services LLC boosted its position in Devon Energy by 9.9% during the first quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock worth $158,000 after purchasing an additional 380 shares in the last quarter. Private Advisor Group LLC raised its holdings in shares of Devon Energy by 0.4% in the first quarter. Private Advisor Group LLC now owns 92,211 shares of the energy company's stock worth $3,449,000 after acquiring an additional 386 shares during the last quarter. Finally, Sierra Ocean LLC raised its holdings in shares of Devon Energy by 29.4% in the first quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after acquiring an additional 388 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the subject of a number of analyst reports. Raymond James Financial reissued an "outperform" rating and issued a $45.00 price target (up from $40.00) on shares of Devon Energy in a report on Tuesday, July 22nd. Tudor, Pickering, Holt & Co. boosted their price target on Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. The Goldman Sachs Group boosted their price target on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. Barclays upped their target price on Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, Devon Energy currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.93.

Insider Buying and Selling

In related news, Director Kelt Kindick sold 7,685 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total value of $257,140.10. Following the completion of the transaction, the director owned 31,801 shares of the company's stock, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.71% of the company's stock.

Devon Energy Stock Up 0.8%

Shares of NYSE DVN traded up $0.26 on Thursday, hitting $33.88. The company had a trading volume of 4,719,173 shares, compared to its average volume of 9,056,871. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.04. The business has a 50 day moving average of $33.17 and a two-hundred day moving average of $33.18. 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 firm has a market capitalization of $21.50 billion, a P/E ratio of 7.60, a PEG ratio of 1.89 and a beta of 1.07.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%. 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 prior year, the business earned $1.41 earnings per share. The company's 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 earnings per share for the current fiscal 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 issued a $0.24 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.96 dividend on an annualized basis and a yield of 2.8%. Devon Energy's dividend payout ratio is currently 21.52%.

Devon Energy Company Profile

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.