Devon Energy Corporation $DVN Stake Lifted by Wellington Management Group LLP

Wellington Management Group LLP lifted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 418.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 51,522,376 shares of the energy company’s stock after acquiring an additional 41,581,435 shares during the quarter. Wellington Management Group LLP owned about 4.68% of Devon Energy worth $2,128,905,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in shares of Devon Energy by 57.6% during the 2nd quarter. BlackRock Inc. now owns 95,378,854 shares of the energy company’s stock valued at $3,941,054,000 after purchasing an additional 34,871,366 shares during the period. Bank of America Corp DE bought a new stake in shares of Devon Energy in the 2nd quarter worth $421,226,000. GQG Partners LLC acquired a new stake in shares of Devon Energy in the second quarter valued at $402,558,000. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 2,108.0% in the fourth quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock valued at $233,953,000 after buying an additional 6,097,658 shares during the period. Finally, Legal & General Group Plc bought a new position in Devon Energy during the second quarter valued at about $239,212,000. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley dropped their price target on shares of Devon Energy from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, June 26th. Argus restated a “buy” rating and set a $45.85 price objective on shares of Devon Energy in a research report on Monday, August 17th. Weiss Ratings downgraded shares of Devon Energy from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday. Wolfe Research set a $67.00 target price on shares of Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Finally, UBS Group decreased their price target on shares of Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, Devon Energy has an average rating of “Moderate Buy” and an average price target of $59.15.

Devon Energy Trading Up 0.6%

NYSE:DVN opened at $47.42 on Friday. The company has a market capitalization of $52.16 billion, a P/E ratio of 11.26, a P/E/G ratio of 1.30 and a beta of 0.38. The stock’s 50 day moving average price is $44.19 and its 200 day moving average price is $45.62. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.67 and a current ratio of 0.72. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 4th. The energy company reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. The firm had revenue of $7.42 billion during the quarter, compared to analysts’ expectations of $6.01 billion. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The company’s revenue was up 73.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.84 earnings per share. On average, research analysts forecast that Devon Energy Corporation will post 5.2 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 2.7%. Devon Energy’s payout ratio is currently 30.40%.

Insider Activity

In other news, SVP Andrea Alexander sold 18,000 shares of the stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president 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 legal filing with the SEC, which is accessible through this link. Company 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.