Arrowstreet Capital Limited Partnership Grows Stock Position in Devon Energy Corporation $DVN

Key Points

• Arrowstreet Capital significantly increased its Devon Energy stake, boosting its position by 608.8% in the fourth quarter to 2.7 million shares valued at about $98.7 million.
• Wall Street remains broadly bullish on DVN, with a consensus rating of Moderate Buy and an average price target of $58.44, despite some mixed target changes from analysts.
• Devon Energy reported quarterly results that missed earnings and revenue expectations, but it also raised its quarterly dividend to $0.32 per share, implying a 2.9% yield.

Arrowstreet Capital Limited Partnership raised its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 608.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,695,079 shares of the energy company's stock after buying an additional 2,314,843 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 0.43% of Devon Energy worth $98,721,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ameriflex Group Inc. grew its stake in shares of Devon Energy by 702.0% during the 3rd quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock worth $28,000 after acquiring an additional 702 shares during the period. Accredited Wealth Management LLC raised its stake in Devon Energy by 61.6% in the 3rd quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after acquiring an additional 308 shares during the period. Olistico Wealth LLC purchased a new stake in Devon Energy during the fourth quarter valued at about $31,000. Elyxium Wealth LLC bought a new position in Devon Energy during the fourth quarter worth about $31,000. Finally, Neo Ivy Capital Management bought a new position in Devon Energy during the third quarter worth about $31,000. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on DVN shares. BMO Capital Markets reaffirmed an "outperform" rating on shares of Devon Energy in a report on Wednesday, June 10th. UBS Group lowered their target price on shares of Devon Energy from $60.00 to $58.00 and set a "buy" rating on the stock in a report on Wednesday, June 10th. Citigroup raised their price target on Devon Energy from $60.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Morgan Stanley lifted their price target on Devon Energy from $59.00 to $66.00 and gave the company an "overweight" rating in a research report on Thursday, May 21st. Finally, Scotiabank boosted their price objective on Devon Energy from $41.00 to $46.00 and gave the company a "sector perform" rating in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $58.44.

Insiders Place Their Bets

In other news, SVP Adam M. Vela sold 24,342 shares of the company's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the transaction, the senior vice president directly owned 130,540 shares in the company, valued at approximately $6,162,793.40. This represents a 15.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president owned 428,452 shares in the company, valued at $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last 90 days. Insiders own 4.58% of the company's stock.

Devon Energy Price Performance

DVN stock opened at $43.49 on Tuesday. The firm has a 50 day simple moving average of $46.92 and a two-hundred day simple moving average of $43.20. The stock has a market cap of $27.02 billion, a PE ratio of 12.11 and a beta of 0.38. Devon Energy Corporation has a one year low of $31.45 and a one year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same period in the prior year, the firm posted $0.82 earnings per share. The business's revenue was down 14.5% on a year-over-year basis. On average, analysts predict that Devon Energy Corporation will post 4.73 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.32 per share. This represents a $1.28 annualized dividend and a yield of 2.9%. This is an increase from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Monday, June 15th. Devon Energy's dividend payout ratio is presently 26.74%.

Devon Energy Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.