Caxton Associates LLP Takes Position in Devon Energy Corporation $DVN

Key Points

• Caxton Associates LLP has acquired a new stake in Devon Energy Corporation, purchasing 29,936 shares valued at approximately $1,120,000 in the first quarter.
• Director Kelt Kindick sold 7,685 shares of Devon Energy stock, reducing their position by 19.46%, while institutional investors currently own 69.72% of the company's stock.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, representing an annualized yield of 2.8%, with a dividend payout ratio of 21.52%.

Caxton Associates LLP bought a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 29,936 shares of the energy company's stock, valued at approximately $1,120,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Devon Energy by 2.6% in 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 purchasing an additional 2,098,568 shares during the period. Victory Capital Management Inc. grew its stake in shares of Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after buying an additional 1,315,050 shares in the last quarter. Northern Trust Corp grew its stake in shares of Devon Energy by 5.1% in the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after buying an additional 316,460 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Devon Energy by 81.1% in the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after buying an additional 2,252,918 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock valued at $176,036,000 after buying an additional 354,633 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on DVN shares. Tudor, Pickering, Holt & Co. lifted their price objective on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. UBS Group upped their price objective on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Jefferies Financial Group boosted their target price on Devon Energy from $31.00 to $33.00 and gave the company a "hold" rating in a report on Monday, July 14th. The Goldman Sachs Group upped their price target on Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research note on Thursday, May 15th. Finally, William Blair began coverage on Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company. Sixteen equities research analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.15.

Devon Energy Stock Down 1.4%

Shares of DVN traded down $0.48 during midday trading on Friday, reaching $34.81. 7,121,834 shares of the company were exchanged, compared to its average volume of 6,287,351. Devon Energy Corporation has a 1-year low of $25.89 and a 1-year high of $43.29. The company has a market cap of $22.10 billion, a price-to-earnings ratio of 7.80, a P/E/G ratio of 2.03 and a beta of 1.09. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average price of $33.91 and a 200-day moving average price of $33.15.

Devon Energy (NYSE:DVN - Get Free Report) last announced its 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. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.41 earnings per share. Research analysts expect that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

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

Insiders Place Their Bets

In other Devon Energy news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction that occurred on 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 sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.71% of the stock is owned by company 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.