Illinois Municipal Retirement Fund Grows Stock Holdings in Devon Energy Corporation $DVN

Illinois Municipal Retirement Fund boosted its stake in shares of Devon Energy Corporation (NYSE:DVN) by 15.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 194,773 shares of the energy company’s stock after purchasing an additional 26,209 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Devon Energy were worth $9,801,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp lifted its position in shares of Devon Energy by 0.6% during the 4th quarter. State Street Corp now owns 35,542,293 shares of the energy company’s stock valued at $1,301,914,000 after acquiring an additional 212,074 shares during the period. Geode Capital Management LLC boosted its stake in shares of Devon Energy by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 19,177,835 shares of the energy company’s stock worth $700,238,000 after acquiring an additional 186,743 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 17.5% in the 4th quarter. Victory Capital Management Inc. now owns 13,916,979 shares of the energy company’s stock worth $509,779,000 after acquiring an additional 2,071,021 shares during the period. Kimmeridge Energy Management Company LLC grew its holdings in shares of Devon Energy by 56.5% in the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock worth $324,204,000 after acquiring an additional 3,195,862 shares during the period. Finally, AQR Capital Management LLC increased its stake in Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company’s stock valued at $288,306,000 after purchasing an additional 1,862,720 shares in the last quarter. 69.72% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Devon Energy news, SVP Andrea Alexander sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, June 10th. The shares were sold at an average price of $46.74, for a total transaction of $841,320.00. Following the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. This trade represents a 11.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of Devon Energy stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total transaction of $3,267,553.14. Following the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at approximately $19,991,570.32. This trade represents a 14.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 112,371 shares of company stock valued at $5,258,059 in the last ninety days. Insiders own 4.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on DVN. UBS Group reduced their price objective on Devon Energy from $58.00 to $54.00 and set a “buy” rating for the company in a report on Wednesday. Sanford C. Bernstein upped their target price on Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a report on Monday, April 13th. Truist Financial dropped their price target on Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Wall Street Zen downgraded Devon Energy from a “buy” rating to a “hold” rating in a research note on Sunday, June 21st. Finally, Mizuho boosted their price objective on shares of Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 27th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.32.

Devon Energy Stock Performance

NYSE DVN opened at $43.03 on Friday. 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 Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71. The business has a fifty day moving average of $44.41 and a 200-day moving average of $44.07. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 11.99 and a beta of 0.38.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, May 5th. The energy company reported $1.04 EPS 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 net margin of 13.71% and a return on equity of 15.22%. The firm’s revenue was down 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.82 EPS. As a group, analysts predict that Devon Energy Corporation will post 4.69 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.32 dividend. 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 3.0%. Devon Energy’s payout ratio is currently 35.65%.

Devon Energy Company 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.