AQR Capital Management LLC Has $35.26 Million Stock Position in Devon Energy Co. (NYSE:DVN)

AQR Capital Management LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 227.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 746,040 shares of the energy company’s stock after buying an additional 518,189 shares during the period. AQR Capital Management LLC owned 0.12% of Devon Energy worth $35,258,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DVN. Dorsey & Whitney Trust CO LLC lifted its position in Devon Energy by 9.7% during the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 8,778 shares of the energy company’s stock valued at $398,000 after purchasing an additional 776 shares during the period. Eagle Asset Management Inc. lifted its position in Devon Energy by 252.7% during the 4th quarter. Eagle Asset Management Inc. now owns 48,336 shares of the energy company’s stock valued at $2,190,000 after purchasing an additional 34,632 shares during the period. Carolinas Wealth Consulting LLC lifted its position in Devon Energy by 90.8% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 2,434 shares of the energy company’s stock valued at $110,000 after purchasing an additional 1,158 shares during the period. Jones Financial Companies Lllp lifted its position in Devon Energy by 104.8% during the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. Finally, NEOS Investment Management LLC lifted its position in Devon Energy by 35.1% during the 4th quarter. NEOS Investment Management LLC now owns 9,099 shares of the energy company’s stock valued at $412,000 after purchasing an additional 2,364 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of research reports. Bank of America restated a “buy” rating and set a $64.00 target price on shares of Devon Energy in a research report on Friday, June 14th. JPMorgan Chase & Co. cut their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Finally, Piper Sandler lowered their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Devon Energy Stock Performance

Shares of DVN opened at $38.96 on Monday. The stock’s 50-day simple moving average is $43.21 and its 200 day simple moving average is $47.07. The stock has a market capitalization of $24.62 billion, a price-to-earnings ratio of 7.44, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, beating the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company’s revenue was up 13.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.18 EPS. Research analysts forecast that Devon Energy Co. will post 5.11 EPS for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s payout ratio is presently 16.79%.

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.