Devon Energy Co. (NYSE:DVN) Shares Acquired by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its position in shares of Devon Energy Co. (NYSE:DVN) by 8.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,319,188 shares of the energy company’s stock after buying an additional 101,696 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.20% of Devon Energy worth $43,177,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in DVN. Cromwell Holdings LLC increased its position in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in shares of Devon Energy during the fourth quarter worth $43,000. Endeavor Private Wealth Inc. purchased a new position in Devon Energy in the fourth quarter valued at $52,000. Thompson Investment Management Inc. raised its stake in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after buying an additional 600 shares in the last quarter. Finally, Asset Planning Inc purchased a new stake in Devon Energy during the 4th quarter worth about $54,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $37.56 on Wednesday. The stock has a market capitalization of $24.37 billion, a price-to-earnings ratio of 8.24, a PEG ratio of 1.20 and a beta of 1.91. The business’s 50 day moving average is $35.39 and its two-hundred day moving average is $36.81. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Research analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.24 dividend. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on DVN. Susquehanna raised their target price on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Citigroup lowered their target price on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a report on Monday, March 17th. Cowen lowered shares of Devon Energy to a “hold” rating and cut their price target for the stock from $46.00 to $45.00 in a research note on Tuesday, February 18th. Finally, Truist Financial upped their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $48.29.

Devon Energy Profile

Devon Energy Corporation, an independent energy company, engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. The company was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.