Devon Energy Corporation $DVN Shares Purchased by Wellington Management Group LLP

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 raised its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 12.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 117,048 shares of the energy company's stock after buying an additional 13,403 shares during the quarter. Wellington Management Group LLP's holdings in Devon Energy were worth $4,378,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in DVN. Cantor Fitzgerald Investment Advisors L.P. increased its stake in shares of Devon Energy by 10.8% during 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 acquiring an additional 26,519 shares during the period. Merit Financial Group LLC lifted its holdings in shares of Devon Energy by 209.5% in the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after buying an additional 15,351 shares during the period. Autumn Glory Partners LLC lifted its holdings in shares of Devon Energy by 93.6% in the 1st quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after buying an additional 20,000 shares during the period. Intact Investment Management Inc. purchased a new stake in shares of Devon Energy in the first quarter valued at approximately $2,524,000. Finally, Praxis Investment Management Inc. grew its holdings in Devon Energy by 41.8% during the first quarter. Praxis Investment Management Inc. now owns 47,000 shares of the energy company's stock worth $1,758,000 after acquiring an additional 13,860 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Trading Up 1.4%

NYSE:DVN traded up $0.51 on Thursday, reaching $35.59. The stock had a trading volume of 4,615,067 shares, compared to its average volume of 6,501,609. 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 $22.59 billion, a price-to-earnings ratio of 7.98, a P/E/G ratio of 2.02 and a beta of 1.09. The firm's fifty day moving average is $33.65 and its two-hundred day moving average is $33.24. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.22 and a quick ratio of 1.13.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. Devon Energy had a net margin of 16.57% and a return on equity of 18.59%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 earnings per share. Equities analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Monday, September 15th. Devon Energy's dividend payout ratio is currently 21.52%.

Analysts Set New Price Targets

A number of research firms have commented on DVN. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Piper Sandler reduced their price objective on shares of Devon Energy from $58.00 to $57.00 and set an "overweight" rating for the company in a research note on Thursday, August 14th. Bernstein Bank reduced their price target on shares of Devon Energy from $45.00 to $43.00 and set an "outperform" rating for the company in a research report on Monday, July 7th. William Blair initiated coverage on Devon Energy in a report on Monday, August 25th. They set an "outperform" rating for the company. Finally, The Goldman Sachs Group boosted their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 15th. Sixteen analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $44.15.

Insider Activity

In other news, Director Kelt Kindick sold 7,685 shares of Devon Energy stock in a transaction 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 owned 31,801 shares of the company's stock, valued at $1,064,061.46. The trade was a 19.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.71% of the stock is owned by company insiders.

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.