Mediolanum International Funds Ltd Acquires 429,104 Shares of Devon Energy Corporation $DVN

Mediolanum International Funds Ltd raised its holdings in Devon Energy Corporation (NYSE:DVN) by 88.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 913,694 shares of the energy company’s stock after acquiring an additional 429,104 shares during the quarter. Mediolanum International Funds Ltd’s holdings in Devon Energy were worth $47,074,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Pacer Advisors Inc. grew its position in shares of Devon Energy by 2,108.0% during the 4th quarter. Pacer Advisors Inc. now owns 6,386,921 shares of the energy company’s stock worth $233,953,000 after buying an additional 6,097,658 shares during the period. Panagora Asset Management Inc. lifted its position in shares of Devon Energy by 42,376.5% during the 4th quarter. Panagora Asset Management Inc. now owns 3,609,228 shares of the energy company’s stock valued at $132,206,000 after acquiring an additional 3,600,731 shares during the period. Kimmeridge Energy Management Company LLC boosted its stake in 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 worth $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC boosted its stake in Devon Energy by 78.7% during the second quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after acquiring an additional 2,802,137 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Devon Energy by 608.8% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after purchasing an additional 2,314,843 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

DVN opened at $43.84 on Friday. Devon Energy Corporation has a 1-year low of $31.47 and a 1-year high of $52.71. The company has a market cap of $27.25 billion, a price-to-earnings ratio of 12.21 and a beta of 0.38. The company’s fifty day moving average price is $44.37 and its two-hundred day moving average price is $44.07. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

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 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 quarterly revenue was down 14.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.82 earnings per share. On average, analysts expect that Devon Energy Corporation will post 4.61 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a $0.32 dividend. This represents a $1.28 annualized dividend and a yield of 2.9%. The ex-dividend date of this dividend was Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. Devon Energy’s payout ratio is 35.65%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on DVN shares. Sanford C. Bernstein lifted their price target on shares of Devon Energy from $42.00 to $59.00 and gave the company an “outperform” rating in a research note on Monday, April 13th. Citigroup raised their target price on Devon Energy from $60.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Scotiabank boosted their target price on Devon Energy from $41.00 to $46.00 and gave the company a “sector perform” rating in a research report on Wednesday, April 22nd. Mizuho upped their price target on Devon Energy from $62.00 to $68.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 27th. Finally, Wolfe Research set a $67.00 price target on Devon Energy and gave the stock an “outperform” rating in a report on Monday, June 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $59.32.

Insider Buying and Selling at Devon Energy

In other Devon Energy news, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $47.21, for a total transaction of $1,149,185.82. Following the completion of the transaction, the senior vice president owned 130,540 shares in the company, 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 accessible through the SEC website. Also, EVP Jeffrey L. Ritenour sold 70,029 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the sale, the executive vice president directly owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 112,371 shares of company stock worth $5,258,059. 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.