Russell Investments Group Ltd. Has $83.88 Million Stock Position in Devon Energy Corporation $DVN

Key Points

• Russell Investments Group increased its Devon Energy stake by 45.9% in the second quarter, adding 638,475 shares to own 2.03 million shares valued at approximately $83.9 million. Institutional investors and hedge funds collectively own 69.72% of the company.
• 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 declared a quarterly dividend of $0.32 per share, representing a 2.8% yield.
• Analysts maintain a “Moderate Buy” consensus rating, with an average price target of $59.60 compared with the stock’s reported price of $45.83.

Russell Investments Group Ltd. increased its stake in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 45.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,029,165 shares of the energy company's stock after acquiring an additional 638,475 shares during the quarter. Russell Investments Group Ltd. owned about 0.33% of Devon Energy worth $83,878,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of DVN. State Street Corp grew its position 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 worth $1,301,914,000 after purchasing an additional 212,074 shares during the last quarter. Geode Capital Management LLC increased 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 worth $700,238,000 after purchasing an additional 186,743 shares during the period. Victory Capital Management Inc. increased 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 worth $509,779,000 after purchasing an additional 2,071,021 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Devon Energy by 2.5% during the first quarter. Dimensional Fund Advisors LP now owns 9,606,131 shares of the energy company's stock valued at $483,475,000 after buying an additional 235,561 shares during the last quarter. Finally, Kimmeridge Energy Management Company LLC raised 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 buying an additional 3,195,862 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $45.83 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. The firm's 50-day simple moving average is $43.40 and its 200-day simple moving average is $45.18. Devon Energy Corporation has a twelve month low of $31.47 and a twelve month high of $52.71. The firm has a market cap of $50.41 billion, a P/E ratio of 10.89 and a beta of 0.38.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share for the quarter, beating analysts' consensus estimates 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 in the previous year, the firm posted $0.84 earnings per share. The firm's revenue for the quarter was up 73.1% on a year-over-year basis. As a group, research analysts expect that Devon Energy Corporation will post 4.99 EPS for the current fiscal year.

Devon Energy Announces Dividend

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

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Barclays increased their target price on shares of Devon Energy from $54.00 to $62.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Roth Capital restated a "buy" rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, April 28th. Truist Financial upped their price target on Devon Energy from $61.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Wells Fargo & Company reduced their price objective on Devon Energy from $68.00 to $65.00 and set an "overweight" rating for the company in a research report on Thursday. Finally, Capital One Financial decreased their price objective on Devon Energy from $63.00 to $61.00 and set an "overweight" rating on the stock in a report on Tuesday, June 2nd. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $59.60.

Insider Buying and Selling at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the 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 directly owned 138,529 shares of the company's stock, valued at approximately $6,474,845.46. This represents a 11.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.

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