Acadian Asset Management LLC Grows Position in Devon Energy Co. (NYSE:DVN)

Acadian Asset Management LLC increased its position in shares of Devon Energy Co. (NYSE:DVN) by 1,061.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 99,624 shares of the energy company’s stock after buying an additional 91,046 shares during the period. Acadian Asset Management LLC’s holdings in Devon Energy were worth $4,719,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in DVN. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy during the second quarter worth approximately $27,000. Manchester Capital Management LLC purchased a new stake in shares of Devon Energy during the fourth quarter worth approximately $28,000. Tradewinds Capital Management LLC purchased a new stake in shares of Devon Energy during the first quarter worth approximately $30,000. Jones Financial Companies Lllp increased its stake in shares of Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after buying an additional 374 shares during the period. Finally, 1620 Investment Advisors Inc. purchased a new position in Devon Energy in the second quarter valued at approximately $34,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN opened at $39.93 on Thursday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03. The stock has a fifty day moving average price of $44.95 and a 200 day moving average price of $47.49. Devon Energy Co. has a 1-year low of $39.02 and a 1-year high of $55.09. The company has a market cap of $25.24 billion, a PE ratio of 7.62, a P/E/G ratio of 1.17 and a beta of 2.03.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the company earned $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio (DPR) is currently 16.79%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. Wolfe Research assumed coverage on shares of Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. Wells Fargo & Company dropped their price target on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 14th. Bank of America reiterated a “buy” rating and issued a $64.00 price target on shares of Devon Energy in a research note on Friday, June 14th. Finally, Scotiabank dropped their price target on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $58.63.

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.