Mediolanum International Funds Ltd Has $47.07 Million Position in Devon Energy Corporation $DVN

Mediolanum International Funds Ltd increased its stake in shares of Devon Energy Corporation (NYSE:DVN) by 88.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 913,694 shares of the energy company’s stock after purchasing an additional 429,104 shares during the quarter. Mediolanum International Funds Ltd owned approximately 0.15% of Devon Energy worth $47,074,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pacer Advisors Inc. increased its holdings in shares of Devon Energy by 2,108.0% during the fourth 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 in the last quarter. Panagora Asset Management Inc. boosted its holdings 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 in the last quarter. Kimmeridge Energy Management Company LLC boosted its holdings in shares of Devon Energy by 56.5% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 8,850,790 shares of the energy company’s stock valued at $324,204,000 after acquiring an additional 3,195,862 shares in the last quarter. AQR Capital Management LLC grew its position in Devon Energy by 78.7% during the 2nd 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 during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in Devon Energy by 608.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,695,079 shares of the energy company’s stock worth $98,721,000 after acquiring an additional 2,314,843 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 1.9%

NYSE DVN opened at $43.84 on Friday. The firm has a market capitalization of $27.25 billion, a PE ratio of 12.21 and a beta of 0.38. The business’s 50-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 Corporation has a 12 month low of $31.47 and a 12 month high of $52.71.

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 company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.34 billion. Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.Devon Energy’s revenue was down 14.5% compared to the same quarter last year. During the same quarter last 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 year.

Devon Energy Increases Dividend

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

Insiders Place Their Bets

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the stock in a transaction 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 sale, the executive vice president directly owned 428,452 shares in the company, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Adam M. Vela sold 24,342 shares of Devon Energy stock in a transaction on 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 transaction, the senior vice president directly owned 130,540 shares of the company’s stock, valued at $6,162,793.40. This represents a 15.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

DVN has been the subject of several research reports. BMO Capital Markets reiterated an “outperform” rating on shares of Devon Energy in a research report on Wednesday, June 10th. Truist Financial lowered their price objective on Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a research note on Thursday, July 9th. Royal Bank Of Canada raised their price objective on shares of Devon Energy from $46.00 to $59.00 and gave the company a “sector perform” rating in a report on Wednesday, April 8th. Zacks Research downgraded shares of Devon Energy from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, May 27th. Finally, Scotiabank boosted their target price on shares of Devon Energy from $41.00 to $46.00 and gave the stock a “sector perform” rating in a report on Wednesday, April 22nd. Two 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 MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average price target of $59.32.

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.