Devon Energy Co. (NYSE:DVN) Shares Purchased by Millennium Management LLC

Millennium Management LLC increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 66.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,074,301 shares of the energy company’s stock after purchasing an additional 2,429,152 shares during the period. Millennium Management LLC owned 0.90% of Devon Energy worth $132,723,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. grew its stake in Devon Energy by 86.1% during the 1st quarter. BlackRock Inc. now owns 45,991,981 shares of the energy company’s stock valued at $1,004,923,000 after acquiring an additional 21,276,787 shares in the last quarter. EnCap Energy Capital Fund X L.P. purchased a new stake in Devon Energy during the 1st quarter valued at about $744,282,000. Price T Rowe Associates Inc. MD grew its stake in Devon Energy by 236.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,978,597 shares of the energy company’s stock valued at $523,932,000 after acquiring an additional 16,851,353 shares in the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 51.8% during the 1st quarter. Geode Capital Management LLC now owns 10,916,192 shares of the energy company’s stock valued at $237,920,000 after acquiring an additional 3,725,225 shares in the last quarter. Finally, Shapiro Capital Management LLC grew its stake in Devon Energy by 43,522.4% during the 1st quarter. Shapiro Capital Management LLC now owns 9,090,467 shares of the energy company’s stock valued at $198,627,000 after acquiring an additional 9,069,628 shares in the last quarter. Hedge funds and other institutional investors own 82.95% of the company’s stock.

In other Devon Energy news, CAO Jeremy D. Humphers sold 1,500 shares of the firm’s stock in a transaction on Tuesday, June 1st. The shares were sold at an average price of $29.78, for a total transaction of $44,670.00. Following the transaction, the chief accounting officer now directly owns 49,031 shares of the company’s stock, valued at approximately $1,460,143.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dennis C. Cameron sold 9,632 shares of the firm’s stock in a transaction on Thursday, June 3rd. The stock was sold at an average price of $31.26, for a total transaction of $301,096.32. Following the transaction, the executive vice president now directly owns 316,658 shares in the company, valued at $9,898,729.08. The disclosure for this sale can be found here. Company insiders own 0.59% of the company’s stock.

Shares of NYSE DVN traded down $0.21 during mid-day trading on Thursday, reaching $26.13. The company had a trading volume of 198,431 shares, compared to its average volume of 11,098,964. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 0.83. The stock has a 50 day simple moving average of $28.00. The stock has a market cap of $17.69 billion, a PE ratio of -13.30, a P/E/G ratio of 0.34 and a beta of 3.35. Devon Energy Co. has a 52-week low of $7.73 and a 52-week high of $31.99.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, May 4th. The energy company reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.35 by $0.10. The firm had revenue of $1.76 billion for the quarter, compared to the consensus estimate of $2.27 billion. Devon Energy had a negative net margin of 14.46% and a positive return on equity of 4.86%. During the same period last year, the firm posted $0.06 EPS. Research analysts predict that Devon Energy Co. will post 2.42 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 30th. Investors of record on Monday, June 14th were given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 5.20%. This is an increase from Devon Energy’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend was Thursday, May 13th. Devon Energy’s dividend payout ratio (DPR) is -488.89%.

Several research firms have recently weighed in on DVN. Piper Sandler increased their price target on shares of Devon Energy from $34.00 to $37.00 and gave the company an “overweight” rating in a research note on Thursday. Royal Bank of Canada reissued a “hold” rating and issued a $35.00 price target on shares of Devon Energy in a research note on Wednesday, July 7th. Mizuho increased their price objective on shares of Devon Energy from $35.00 to $38.00 and gave the stock a “buy” rating in a research report on Thursday, July 15th. Raymond James raised shares of Devon Energy from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $34.00 to $40.00 in a research report on Tuesday, June 1st. Finally, Truist Securities increased their price objective on shares of Devon Energy from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, July 1st. Four analysts have rated the stock with a hold rating, eighteen have given a buy rating and two have given a strong buy rating to the company’s stock. Devon Energy currently has an average rating of “Buy” and a consensus target price of $30.03.

About Devon Energy

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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