Kimmeridge Energy Management Company LLC Has $324.20 Million Holdings in Devon Energy Corporation $DVN

Kimmeridge Energy Management Company LLC raised its stake in Devon Energy Corporation (NYSE:DVN) by 56.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,850,790 shares of the energy company’s stock after acquiring an additional 3,195,862 shares during the quarter. Devon Energy makes up approximately 51.8% of Kimmeridge Energy Management Company LLC’s investment portfolio, making the stock its largest position. Kimmeridge Energy Management Company LLC owned 1.41% of Devon Energy worth $324,204,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Russell Investments Group Ltd. lifted its holdings in shares of Devon Energy by 4.1% in the fourth quarter. Russell Investments Group Ltd. now owns 888,465 shares of the energy company’s stock worth $32,547,000 after acquiring an additional 35,258 shares during the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Devon Energy in the fourth quarter worth about $132,000. State of Wisconsin Investment Board lifted its holdings in shares of Devon Energy by 0.9% in the fourth quarter. State of Wisconsin Investment Board now owns 323,871 shares of the energy company’s stock worth $11,863,000 after acquiring an additional 2,970 shares during the last quarter. Blair William & Co. IL lifted its holdings in shares of Devon Energy by 18.9% in the fourth quarter. Blair William & Co. IL now owns 499,650 shares of the energy company’s stock worth $18,302,000 after acquiring an additional 79,252 shares during the last quarter. Finally, Silver Grove Financial Group Inc. bought a new position in shares of Devon Energy in the fourth quarter worth about $92,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 1.5%

Shares of NYSE DVN opened at $42.88 on Wednesday. The company has a 50 day simple moving average of $46.79 and a 200 day simple moving average of $43.24. The firm has a market cap of $26.64 billion, a PE ratio of 11.94 and a beta of 0.37. Devon Energy Corporation has a 1 year low of $31.45 and a 1 year high of $52.71. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 0.94.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.06 by ($0.02). The business had revenue of $3.81 billion during the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a net margin of 13.71% and a return on equity of 15.22%. The firm’s quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter last year, the business earned $0.82 EPS. On average, research analysts forecast that Devon Energy Corporation will post 4.88 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be issued a $0.32 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.24. The ex-dividend date is Monday, June 15th. This represents a $1.28 dividend on an annualized basis and a yield of 3.0%. Devon Energy’s dividend payout ratio (DPR) is 35.65%.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Jeffrey L. Ritenour sold 70,029 shares of the firm’s stock in a transaction that occurred on 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 transaction, 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction that occurred on 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. The trade was a 11.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 112,371 shares of company stock worth $5,258,059 in the last quarter. 4.58% of the stock is owned by insiders.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research reports. Wall Street Zen raised shares of Devon Energy from a “hold” rating to a “buy” rating in a report on Saturday. Argus increased their target price on shares of Devon Energy from $51.00 to $53.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Piper Sandler increased their target price on shares of Devon Energy from $59.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 12th. Scotiabank raised their price objective on shares of Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a report on Wednesday, April 22nd. Finally, Sanford C. Bernstein raised their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $58.44.

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.