Voleon Capital Management LP Takes $377,000 Position in Devon Energy Corporation $DVN

Key Points

• Voleon Capital Management LP has acquired a new position in Devon Energy Corporation, purchasing 10,069 shares valued at approximately $377,000 in the first quarter.
• Multiple institutional investors have increased their stakes in Devon Energy, with significant purchases by Banque Cantonale Vaudoise and SouthState Corp during the same period.
• Devon Energy announced a quarterly dividend of $0.24 per share, resulting in an annualized yield of 2.8% and a dividend payout ratio of 21.52%.

Voleon Capital Management LP bought a new position in Devon Energy Corporation (NYSE:DVN - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 10,069 shares of the energy company's stock, valued at approximately $377,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Devon Energy by 2.6% in the first quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock worth $3,096,000,000 after buying an additional 2,098,568 shares during the period. Victory Capital Management Inc. boosted its position in Devon Energy by 12.9% during the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after purchasing an additional 1,315,050 shares during the last quarter. Northern Trust Corp boosted its position in Devon Energy by 5.1% during the first quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after purchasing an additional 316,460 shares during the last quarter. Ameriprise Financial Inc. boosted its position in Devon Energy by 81.1% during the first quarter. Ameriprise Financial Inc. now owns 5,029,987 shares of the energy company's stock valued at $188,131,000 after purchasing an additional 2,252,918 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Devon Energy by 8.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after buying an additional 354,633 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Insider Transactions at Devon Energy

In related news, Director Kelt Kindick sold 7,685 shares of the business's stock in a transaction dated 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 directly owned 31,801 shares in the company, valued at $1,064,061.46. The trade was 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.

Analyst Ratings Changes

DVN has been the subject of a number of analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $45.00 price target (up previously from $40.00) on shares of Devon Energy in a research report on Tuesday, July 22nd. UBS Group boosted their price target on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Jefferies Financial Group boosted their price target on Devon Energy from $31.00 to $33.00 and gave the stock a "hold" rating in a research report on Monday, July 14th. William Blair initiated coverage on Devon Energy in a research report on Monday, August 25th. They issued an "outperform" rating for the company. Finally, Scotiabank reaffirmed an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.15.

Devon Energy Stock Performance

DVN traded down $0.48 on Friday, hitting $34.81. 7,121,834 shares of the stock traded hands, compared to its average volume of 6,287,351. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $43.29. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $22.10 billion, a PE ratio of 7.80, a P/E/G ratio of 2.03 and a beta of 1.09. The business has a fifty day moving average price of $33.91 and a two-hundred day moving average price of $33.14.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The energy company reported $0.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.01 billion. During the same period in the previous year, the company posted $1.41 earnings per share. The company's quarterly revenue was up 9.4% compared to the same quarter last year. On average, research analysts predict that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, September 15th. Devon Energy's payout ratio is currently 21.52%.

Devon Energy 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.