Arrowstreet Capital Limited Partnership Boosts Position in Devon Energy Co. (NYSE:DVN)

Arrowstreet Capital Limited Partnership grew its position in Devon Energy Co. (NYSE:DVN) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,319,188 shares of the energy company’s stock after buying an additional 101,696 shares during the quarter. Arrowstreet Capital Limited Partnership’s holdings in Devon Energy were worth $43,177,000 at the end of the most recent quarter.

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

Devon Energy Trading Up 0.4 %

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

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

Devon Energy Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on DVN shares. Barclays boosted their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Mizuho decreased their price target on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Citigroup cut their price objective on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Finally, Cowen lowered shares of Devon Energy to a “hold” rating and decreased their target price for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average target price of $48.29.

About Devon Energy

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.