Quantinno Capital Management LP Buys 63,942 Shares of Devon Energy Corporation $DVN

Quantinno Capital Management LP raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 13.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 552,469 shares of the energy company’s stock after buying an additional 63,942 shares during the period. Quantinno Capital Management LP’s holdings in Devon Energy were worth $27,800,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Lazard Asset Management LLC boosted its stake in shares of Devon Energy by 643.6% in the 1st quarter. Lazard Asset Management LLC now owns 562,059 shares of the energy company’s stock worth $28,283,000 after buying an additional 486,473 shares during the last quarter. Gateway Wealth Partners LLC purchased a new stake in Devon Energy during the first quarter valued at $979,000. OMERS ADMINISTRATION Corp increased its position in Devon Energy by 16.9% during the first quarter. OMERS ADMINISTRATION Corp now owns 90,647 shares of the energy company’s stock valued at $4,561,000 after acquiring an additional 13,115 shares during the last quarter. Waverly Advisors LLC increased its position in Devon Energy by 5.1% during the first quarter. Waverly Advisors LLC now owns 20,709 shares of the energy company’s stock valued at $1,042,000 after acquiring an additional 1,013 shares during the last quarter. Finally, Bridgewater Advisors Inc. lifted its holdings in Devon Energy by 80.2% in the first quarter. Bridgewater Advisors Inc. now owns 16,873 shares of the energy company’s stock valued at $849,000 after acquiring an additional 7,511 shares during the period. 69.72% of the stock is owned by institutional investors.

Devon Energy Price Performance

NYSE DVN opened at $45.08 on Friday. The company has a market capitalization of $28.01 billion, a PE ratio of 12.56 and a beta of 0.38. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 1.01. The business’s fifty day moving average is $43.64 and its 200 day moving average is $44.63. Devon Energy Corporation has a fifty-two week low of $31.47 and a fifty-two week high of $52.71.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, missing the consensus estimate 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 net margin of 13.71% and a return on equity of 15.22%. The business’s revenue for the quarter was down 14.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.82 EPS. Sell-side analysts predict that Devon Energy Corporation will post 4.64 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.32 per share. This is a boost 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 dividend yield of 2.8%. Devon Energy’s dividend payout ratio is presently 35.65%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on DVN shares. Wall Street Zen cut Devon Energy from a “buy” rating to a “hold” rating in a research report on Sunday, June 21st. Mizuho upped their price target on shares of Devon Energy from $62.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 20th. Barclays raised their price objective on shares of Devon Energy from $54.00 to $62.00 and gave the stock an “overweight” rating in a report on Tuesday, May 26th. Finally, Truist Financial cut their target price on shares of Devon Energy from $66.00 to $61.00 and set a “buy” rating for the company in a research report on Thursday, July 9th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $59.56.

Insider Activity at Devon Energy

In related news, SVP Andrea Alexander sold 18,000 shares of the business’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 completion of the transaction, the senior vice president directly owned 138,529 shares in the company, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Adam M. Vela sold 24,342 shares of the stock in a transaction that occurred 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 completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 112,371 shares of company stock worth $5,258,059. 4.58% of the stock is owned by company insiders.

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.