Devon Energy Corporation $DVN Stake Boosted by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments boosted its Devon Energy stake by 14.7% in the first quarter, buying 107,497 more shares and bringing its holdings to 836,355 shares worth about $40.6 million.
• Wall Street sentiment remains mostly positive: Devon Energy has a Moderate Buy consensus, with a $59.32 average price target after several firms raised ratings and targets.
• The company recently raised its quarterly dividend to $0.32 per share, but its latest earnings missed estimates, with Q1 EPS of $1.04 and revenue of $3.81 billion below expectations.

Allspring Global Investments Holdings LLC lifted its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 14.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 836,355 shares of the energy company's stock after purchasing an additional 107,497 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.13% of Devon Energy worth $40,639,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Wedge Capital Management L L P NC acquired a new position in shares of Devon Energy during the fourth quarter worth approximately $9,931,000. Philip James Wealth Mangement LLC raised its stake in Devon Energy by 43.8% during the 4th quarter. Philip James Wealth Mangement LLC now owns 161,368 shares of the energy company's stock valued at $5,911,000 after acquiring an additional 49,115 shares in the last quarter. Morningstar Investment Management LLC acquired a new position in Devon Energy during the 4th quarter worth $2,089,000. LSV Asset Management grew its stake in shares of Devon Energy by 79.6% in the fourth quarter. LSV Asset Management now owns 799,587 shares of the energy company's stock worth $29,289,000 after purchasing an additional 354,500 shares in the last quarter. Finally, Kimmeridge Energy Management Company LLC grew its stake in shares of Devon Energy by 56.5% in the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock worth $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on DVN shares. Evercore upgraded shares of Devon Energy from an "in-line" rating to an "outperform" rating and set a $54.00 price objective on the stock in a research note on Wednesday, June 10th. Susquehanna increased their target price on shares of Devon Energy from $52.00 to $57.00 and gave the company a "positive" rating in a research report on Tuesday, April 21st. Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 20th. Scotiabank boosted their price target on shares of Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a research report on Wednesday, April 22nd. Finally, Jefferies Financial Group upped their price target on shares of Devon Energy from $62.00 to $63.00 and gave the stock a "buy" rating in a research note on Monday, May 18th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus target price of $59.32.

Devon Energy Stock Up 0.0%

DVN opened at $43.84 on Monday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The company has a market capitalization of $27.25 billion, a PE ratio of 12.21 and a beta of 0.38. The stock's fifty day moving average is $44.37 and its 200-day moving average is $44.13. Devon Energy Corporation has a one year low of $31.47 and a one year high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm 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 business earned $0.82 EPS. The company's quarterly revenue was down 14.5% compared to the same quarter last year. On average, equities analysts predict that Devon Energy Corporation will post 4.61 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a dividend of $0.32 per share. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. This is a boost from Devon Energy's previous quarterly dividend of $0.24. Devon Energy's dividend payout ratio is 35.65%.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the company's stock in a transaction on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company's stock, valued at $6,474,845.46. This represents a 11.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction on Thursday, May 14th. The shares were 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 owned 130,540 shares of the company's stock, valued at $6,162,793.40. This trade represents a 15.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 112,371 shares of company stock valued at $5,258,059 over the last three months. Insiders own 4.58% of the company's stock.

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.