Jennison Associates LLC Grows Position in Devon Energy Corporation $DVN

Key Points

• Jennison Associates increased its Devon Energy position by 47.9% in the second quarter, owning 303,853 shares valued at approximately $12.6 million. Institutional investors collectively hold 69.72% of DVN.
• Devon Energy reported quarterly earnings of $1.57 per share, beating estimates of $1.40, while revenue rose 73.1% year over year to $7.42 billion. The company also declared a quarterly dividend of $0.32 per share, representing a 2.8% annualized yield.
• Analysts maintain a consensus “Moderate Buy” rating with an average price target of $59.60, above the stock’s reported opening price of $45.83. Recent target changes included increases from Truist Financial and reductions from Wells Fargo, Goldman Sachs, and Morgan Stanley.

Jennison Associates LLC increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 47.9% in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 303,853 shares of the energy company's stock after buying an additional 98,468 shares during the quarter. Jennison Associates LLC's holdings in Devon Energy were worth $12,555,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of DVN. Tobam boosted its holdings in shares of Devon Energy by 16.4% during the 4th quarter. Tobam now owns 1,633 shares of the energy company's stock valued at $60,000 after acquiring an additional 230 shares during the last quarter. TD Private Client Wealth LLC raised its holdings in shares of Devon Energy by 3.4% during the fourth quarter. TD Private Client Wealth LLC now owns 7,152 shares of the energy company's stock valued at $262,000 after purchasing an additional 236 shares during the last quarter. JFS Wealth Advisors LLC lifted its position in Devon Energy by 56.6% during the second quarter. JFS Wealth Advisors LLC now owns 678 shares of the energy company's stock valued at $28,000 after purchasing an additional 245 shares during the period. Catalyst Financial Partners LLC lifted its position in Devon Energy by 3.9% during the fourth quarter. Catalyst Financial Partners LLC now owns 6,712 shares of the energy company's stock valued at $246,000 after purchasing an additional 254 shares during the period. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in Devon Energy by 21.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 1,480 shares of the energy company's stock worth $54,000 after purchasing an additional 257 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Stock Up 3.2%

Shares of DVN stock opened at $45.83 on Friday. Devon Energy Corporation has a 12 month low of $31.47 and a 12 month high of $52.71. The stock has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38. The company has a current ratio of 0.72, a quick ratio of 0.67 and a debt-to-equity ratio of 0.24. The company has a 50 day simple moving average of $43.40 and a two-hundred day simple moving average of $45.14.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The business had revenue of $7.42 billion for the quarter, compared to analysts' expectations of $6.01 billion. During the same quarter last year, the company posted $0.84 EPS. The company's revenue was up 73.1% compared to the same quarter last year. On average, research analysts expect that Devon Energy Corporation will post 4.99 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be issued a $0.32 dividend. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy's dividend payout ratio (DPR) is currently 30.40%.

Insiders Place Their Bets

In related news, SVP Andrea Alexander sold 18,000 shares of Devon Energy 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 transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.58% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on DVN. Zacks Research downgraded shares of Devon Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 27th. Wells Fargo & Company lowered their price target on Devon Energy from $68.00 to $65.00 and set an "overweight" rating on the stock in a report on Thursday. Truist Financial raised their price target on Devon Energy from $61.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. The Goldman Sachs Group cut their price objective on Devon Energy from $54.00 to $53.00 and set a "buy" rating for the company in a report on Tuesday, June 30th. Finally, Morgan Stanley reduced their price objective on Devon Energy from $66.00 to $63.00 and set an "overweight" rating for the company in a research report on Friday, June 26th. Two 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $59.60.

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.

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