Volterra Technologies LP Purchases New Position in Devon Energy Corporation $DVN

Key Points

• Volterra Technologies LP opened a new position in Devon Energy during the first quarter, buying 62,908 shares valued at about $3.17 million. The stake makes DVN its 10th-largest holding and about 0.4% of its portfolio.
• Devon Energy recently boosted its quarterly dividend to $0.32 per share from $0.24, putting the annualized payout at $1.28 and the yield at 2.8%. The company’s payout ratio is 35.65%.
• The stock has received a Moderate Buy consensus from analysts, with an average price target of $59.56. Devon Energy also reported Q1 earnings of $1.04 per share, slightly below expectations, while insiders sold shares in recent months.

Volterra Technologies LP acquired a new stake in Devon Energy Corporation (NYSE:DVN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 62,908 shares of the energy company's stock, valued at approximately $3,166,000. Devon Energy accounts for approximately 0.4% of Volterra Technologies LP's investment portfolio, making the stock its 10th biggest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. State Street Corp boosted 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 worth $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC grew its position in Devon Energy by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company's stock valued at $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Devon Energy by 17.5% during the fourth 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 period. Dimensional Fund Advisors LP raised its stake 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 purchasing an additional 235,561 shares during the period. Finally, Kimmeridge Energy Management Company LLC raised its stake 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 during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

Shares of DVN opened at $45.26 on Friday. The business's 50 day moving average is $44.18 and its two-hundred day moving average is $44.34. Devon Energy Corporation has a 52-week low of $31.47 and a 52-week high of $52.71. The firm has a market cap of $28.12 billion, a price-to-earnings ratio of 12.61 and a beta of 0.38. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing analysts' consensus estimates of $1.06 by ($0.02). The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The firm's quarterly revenue was down 14.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.82 EPS. Analysts forecast that Devon Energy Corporation will post 4.64 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. Shareholders of record on Monday, June 15th were paid a dividend of $0.32 per share. This is a positive change from Devon Energy's previous quarterly dividend of $0.24. The ex-dividend date was Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 2.8%. Devon Energy's payout ratio is currently 35.65%.

Analysts Set New Price Targets

DVN has been the subject of several analyst reports. Argus upped their target price on shares of Devon Energy from $51.00 to $53.00 and gave the company a "buy" rating in a research note on Wednesday, June 10th. Wells Fargo & Company lifted their price target on shares of Devon Energy from $66.00 to $68.00 and gave the stock an "overweight" rating in a research note on Monday, May 18th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Devon Energy in a research note on Thursday, June 11th. Royal Bank Of Canada boosted their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the stock a "sector perform" rating in a report on Wednesday, April 8th. Finally, Tudor Pickering raised shares of Devon Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 20th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have issued 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 $59.56.

Insider Buying and Selling at Devon Energy

In other news, SVP Adam M. Vela sold 24,342 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $47.21, for a total value of $1,149,185.82. Following the completion of the sale, the senior vice president owned 130,540 shares of the company's stock, valued at approximately $6,162,793.40. The trade was a 15.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares in the company, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,371 shares of company stock worth $5,258,059 in the last ninety days. 4.58% of the stock is owned by insiders.

About Devon Energy

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.