683,707 Shares in Devon Energy Corporation $DVN Bought by Trexquant Investment LP

Key Points

• Trexquant Investment LP has acquired a new position in Devon Energy Corporation worth approximately $25.57 million, purchasing 683,707 shares.
• Several institutional investors, including Ameriprise Financial and Vanguard Group, have significantly increased their stakes in Devon Energy, reflecting a growing interest in the company.
• Devon Energy recently announced a quarterly dividend of $0.24 per share, which indicates a solid annual yield of 2.7% and a payout ratio of 21.52%.

Trexquant Investment LP acquired a new position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 683,707 shares of the energy company's stock, valued at approximately $25,571,000. Trexquant Investment LP owned approximately 0.11% of Devon Energy as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cantor Fitzgerald Investment Advisors L.P. grew its position 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 buying an additional 26,519 shares in the last quarter. Merit Financial Group LLC grew its position in shares of Devon Energy by 209.5% during the first quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock worth $848,000 after buying an additional 15,351 shares in the last quarter. Autumn Glory Partners LLC grew its position in shares of Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock worth $1,547,000 after buying an additional 20,000 shares in the last quarter. Intact Investment Management Inc. acquired a new position in shares of Devon Energy during the first quarter worth about $2,524,000. Finally, Praxis Investment Management Inc. grew its position in shares of 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 buying an additional 13,860 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Kelt Kindick sold 7,685 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the transaction, the director owned 31,801 shares of the company's stock, valued at $1,064,061.46. This represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DVN. Wells Fargo & Company boosted their target price on Devon Energy from $42.00 to $43.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. William Blair began coverage on Devon Energy in a research note on Monday, August 25th. They set an "outperform" rating for the company. Raymond James Financial restated an "outperform" rating and set a $45.00 target price (up previously from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Tudor, Pickering, Holt & Co. boosted their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Finally, Scotiabank restated an "outperform" rating on shares of Devon Energy in a research note on Friday, July 11th. Sixteen research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $44.15.

Devon Energy Stock Performance

NYSE DVN traded up $0.24 on Monday, reaching $36.12. The stock had a trading volume of 6,145,109 shares, compared to its average volume of 7,525,975. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $45.34. The business's 50-day moving average price is $33.39 and its 200 day moving average price is $33.19. The stock has a market cap of $22.93 billion, a P/E ratio of 8.10, a price-to-earnings-growth ratio of 2.08 and a beta of 1.09.

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

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a 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%.

Devon Energy Company Profile

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.