AQR Capital Management LLC Boosts Holdings in Devon Energy Corporation $DVN

Key Points

• AQR Capital Management LLC significantly increased its stake in Devon Energy Corporation, raising it by 100% to a total of 3,558,362 shares, worth approximately $132 million.
• JPMorgan and Wells Fargo have recently raised their price targets for Devon Energy's stock, reflecting a positive outlook with average consensus price target at $44.15.
• Devon Energy has announced a quarterly dividend of $0.24, set to be paid on September 30th, establishing an annualized yield of 2.7%.

AQR Capital Management LLC lifted its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 100.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,558,362 shares of the energy company's stock after purchasing an additional 1,779,382 shares during the period. AQR Capital Management LLC owned about 0.55% of Devon Energy worth $132,051,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in shares of Devon Energy by 10.8% in the first quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock worth $10,210,000 after purchasing an additional 26,519 shares during the last quarter. Merit Financial Group LLC grew its holdings in shares of Devon Energy by 209.5% in the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after purchasing an additional 15,351 shares during the last quarter. Autumn Glory Partners LLC grew its holdings in shares of Devon Energy by 93.6% in the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after purchasing an additional 20,000 shares during the last quarter. Intact Investment Management Inc. bought a new position in shares of Devon Energy in the first quarter worth approximately $2,524,000. Finally, Praxis Investment Management Inc. grew its holdings in shares of Devon Energy by 41.8% in the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after purchasing an additional 13,860 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 0.7%

Shares of DVN stock traded up $0.25 during mid-day trading on Tuesday, reaching $34.76. 2,457,013 shares of the company's stock traded hands, compared to its average volume of 8,792,367. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $43.29. The company has a market cap of $22.06 billion, a P/E ratio of 7.80, a P/E/G ratio of 2.00 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. The company's 50-day moving average price is $33.76 and its 200-day moving average price is $33.15.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, beating 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 firm had revenue of $4.28 billion for the quarter, compared to analysts' expectations of $4.01 billion. During the same quarter in the previous year, the business posted $1.41 EPS. The company's quarterly revenue was up 9.4% on a year-over-year basis. On average, equities analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is 21.52%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Barclays lifted their price target on shares of Devon Energy from $40.00 to $42.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Bernstein Bank cut their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating on the stock in a report on Monday, July 7th. William Blair assumed coverage on shares of Devon Energy in a report on Monday, August 25th. They issued an "outperform" rating on the stock. Tudor, Pickering, Holt & Co. lifted their price target on shares of Devon Energy from $42.00 to $44.00 in a report on Thursday, July 3rd. Finally, Mizuho cut their price target on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Sixteen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, Devon Energy has a consensus rating of "Moderate Buy" and an average price target of $44.15.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy 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 $1,064,061.46. The trade was a 19.46% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.73% of the stock is currently owned by corporate insiders.

Devon Energy 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.