Jennison Associates LLC Invests $10.34 Million in Devon Energy Corporation $DVN

Key Points

• Jennison Associates LLC opened a new position in Devon Energy during Q1, buying 205,385 shares worth about $10.34 million.
• Devon Energy reported Q1 earnings of $1.04 per share, missing estimates, while revenue came in at $3.81 billion, below expectations and down 14.5% from a year earlier.
• The company raised its quarterly dividend to $0.32 per share from $0.24, putting the annualized yield at about 2.9%.

Jennison Associates LLC bought a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 205,385 shares of the energy company's stock, valued at approximately $10,335,000.

Other institutional investors also recently bought and sold shares of the company. State Street Corp increased its holdings in Devon Energy by 0.6% in the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company's stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock valued at $700,238,000 after purchasing an additional 186,743 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 17.5% during the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company's stock valued at $509,779,000 after purchasing an additional 2,071,021 shares during the last quarter. Kimmeridge Energy Management Company LLC grew its position in shares of Devon Energy by 56.5% during the fourth quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company's stock valued at $324,204,000 after purchasing an additional 3,195,862 shares in the last quarter. Finally, AQR Capital Management LLC grew its position in shares of Devon Energy by 29.3% during the third quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock valued at $288,306,000 after purchasing an additional 1,862,720 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.7%

Shares of NYSE DVN opened at $44.08 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 12-month low of $31.47 and a 12-month high of $52.71. The firm's 50-day moving average price is $44.26 and its 200-day moving average price is $44.23. The stock has a market capitalization of $27.39 billion, a price-to-earnings ratio of 12.28 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.02). The company had revenue of $3.81 billion during the quarter, compared to analysts' expectations of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company's revenue was down 14.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.82 EPS. On average, equities research analysts anticipate 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 $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.9%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change 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 Devon Energy stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the transaction, the senior vice president owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $46.66, for a total value of $3,267,553.14. Following the transaction, the executive vice president directly owned 428,452 shares in the company, valued at approximately $19,991,570.32. This represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,371 shares of company stock valued at $5,258,059 in the last ninety days. Insiders own 4.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on DVN. Morgan Stanley decreased their target price on Devon Energy from $66.00 to $63.00 and set an "overweight" rating on the stock in a research report on Friday, June 26th. Capital One Financial cut their price target on Devon Energy from $63.00 to $61.00 and set an "overweight" rating for the company in a report on Tuesday, June 2nd. Susquehanna lifted their price objective on Devon Energy from $57.00 to $63.00 and gave the stock a "positive" rating in a research note on Tuesday. Argus upped their price objective on Devon Energy from $51.00 to $53.00 and gave the stock a "buy" rating in a report on Wednesday, June 10th. Finally, Truist Financial lowered their target price on Devon Energy from $66.00 to $61.00 and set a "buy" rating for the company in a research report on Thursday, July 9th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $59.56.

Devon Energy Company 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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