O Shaughnessy Asset Management LLC Increases Stake in Devon Energy Co. (NYSE:DVN)

O Shaughnessy Asset Management LLC grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 6.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,799 shares of the energy company’s stock after acquiring an additional 3,743 shares during the period. O Shaughnessy Asset Management LLC’s holdings in Devon Energy were worth $3,302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of DVN. Vanguard Group Inc. grew its holdings in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the period. International Assets Investment Management LLC increased its holdings in Devon Energy by 3,885.4% in the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after acquiring an additional 1,652,671 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after acquiring an additional 1,488,374 shares during the period. Raymond James & Associates lifted its holdings in Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after purchasing an additional 736,449 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its position in shares of Devon Energy by 63.4% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 1,420,702 shares of the energy company’s stock worth $71,291,000 after purchasing an additional 551,004 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research report on Wednesday, July 3rd. Piper Sandler raised their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Tuesday, May 14th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, July 9th. Susquehanna reaffirmed a “positive” rating and set a $65.00 price objective on shares of Devon Energy in a report on Tuesday, July 9th. Finally, Morgan Stanley boosted their target price on shares of Devon Energy from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Six equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus target price of $59.13.

Insiders Place Their Bets

In other news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the sale, the executive vice president now directly owns 104,182 shares in the company, valued at $5,317,449.28. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.73% of the stock is owned by insiders.

Devon Energy Trading Down 0.8 %

Shares of Devon Energy stock traded down $0.38 on Wednesday, reaching $45.58. The company had a trading volume of 5,266,290 shares, compared to its average volume of 7,220,130. The firm’s 50-day moving average price is $47.40 and its two-hundred day moving average price is $47.12. Devon Energy Co. has a 1 year low of $40.47 and a 1 year high of $55.09. The firm has a market cap of $28.81 billion, a price-to-earnings ratio of 8.77, a P/E/G ratio of 1.20 and a beta of 2.07. 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 posted its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.10 by $0.06. The company had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a net margin of 22.27% and a return on equity of 29.02%. Devon Energy’s quarterly revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.46 earnings per share. As a group, research analysts predict that Devon Energy Co. will post 5.4 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 1.93%. The ex-dividend date was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is currently 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.