Wellington Management Group LLP Purchases 13,403 Shares of Devon Energy Corporation $DVN

Key Points

• Wellington Management Group LLP increased its stake in Devon Energy Corporation by 12.9%, acquiring an additional 13,403 shares, bringing its total holdings to 117,048 shares valued at $4,378,000.
• Devon Energy reported a quarterly earnings per share (EPS) of $0.84, surpassing analysts’ expectations, with revenue of $4.28 billion, up 9.4% from the previous year.
• The company declared a quarterly dividend of $0.24 per share, representing a 2.7% dividend yield, with the ex-dividend date set for September 15th.

Wellington Management Group LLP lifted its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 12.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 117,048 shares of the energy company's stock after acquiring an additional 13,403 shares during the quarter. Wellington Management Group LLP's holdings in Devon Energy were worth $4,378,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. 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 valued at $72,000 after buying an additional 377 shares during the period. Callan Family Office LLC lifted its stake in shares of Devon Energy by 3.7% in the 1st quarter. Callan Family Office LLC now owns 10,581 shares of the energy company's stock valued at $396,000 after acquiring an additional 377 shares during the last quarter. Hager Investment Management Services LLC boosted its holdings in Devon Energy by 9.9% during the 1st quarter. Hager Investment Management Services LLC now owns 4,235 shares of the energy company's stock valued at $158,000 after acquiring an additional 380 shares during the period. Private Advisor Group LLC grew its position in Devon Energy by 0.4% during the 1st 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 increased its stake in Devon Energy by 29.4% in the 1st quarter. Sierra Ocean LLC now owns 1,709 shares of the energy company's stock worth $64,000 after purchasing an additional 388 shares during the period. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Down 3.6%

DVN stock traded down $1.32 during midday trading on Wednesday, hitting $35.11. The stock had a trading volume of 3,863,607 shares, compared to its average volume of 8,839,849. The business has a 50-day moving average of $33.53 and a two-hundred day moving average of $33.22. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13. The firm has a market cap of $22.28 billion, a price-to-earnings ratio of 7.87, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $43.47.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 earnings per share for the quarter, beating analysts' consensus estimates 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 analyst estimates of $4.01 billion. During the same quarter last year, the company earned $1.41 EPS. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. 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 disclosed 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 2.7%. The ex-dividend date is Monday, September 15th. Devon Energy's dividend payout ratio (DPR) is presently 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 dated Monday, August 11th. The shares were sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares in the company, valued at approximately $1,064,061.46. This represents a 19.46% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on DVN. The Goldman Sachs Group raised their target price on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 15th. 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. Morgan Stanley boosted their price objective on shares of Devon Energy from $46.00 to $49.00 and gave the company an "overweight" rating in a research report on Monday, August 18th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Finally, Wolfe Research boosted their price target on Devon Energy from $47.00 to $49.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Sixteen research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $44.15.

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.