Wellington Management Group LLP Has $7.84 Million Position in Devon Energy Co. (NYSE:DVN)

Wellington Management Group LLP lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 9.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 173,024 shares of the energy company’s stock after purchasing an additional 15,384 shares during the quarter. Wellington Management Group LLP’s holdings in Devon Energy were worth $7,838,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of DVN. Sound Income Strategies LLC raised its position in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the last quarter. Cullen Frost Bankers Inc. raised its position in Devon Energy by 5.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock valued at $253,000 after buying an additional 271 shares during the last quarter. S. R. Schill & Associates raised its position in Devon Energy by 3.8% in the 4th quarter. S. R. Schill & Associates now owns 7,784 shares of the energy company’s stock valued at $353,000 after buying an additional 282 shares during the last quarter. Axxcess Wealth Management LLC raised its position in Devon Energy by 6.1% in the 3rd quarter. Axxcess Wealth Management LLC now owns 4,996 shares of the energy company’s stock valued at $238,000 after buying an additional 286 shares during the last quarter. Finally, Blume Capital Management Inc. raised its position in Devon Energy by 20.9% in the 4th quarter. Blume Capital Management Inc. now owns 1,735 shares of the energy company’s stock valued at $79,000 after buying an additional 300 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

DVN opened at $47.41 on Friday. The business has a fifty day simple moving average of $48.73 and a 200 day simple moving average of $46.89. The company has a market capitalization of $29.96 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 1.23 and a beta of 2.08. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s quarterly revenue was down 5.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.46 EPS. Research analysts expect that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were given a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.86%. Devon Energy’s payout ratio is 16.79%.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now directly owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DVN. Susquehanna boosted their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday, April 22nd. Mizuho boosted their price target on Devon Energy from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Monday, May 13th. Citigroup boosted their price target on Devon Energy from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Thursday, April 11th. Piper Sandler boosted their price target on Devon Energy from $60.00 to $61.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 14th. Finally, JPMorgan Chase & Co. boosted their price target on Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Four research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $59.24.

Devon Energy Company 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.