Arrowstreet Capital Limited Partnership Has $43.18 Million Holdings in Devon Energy Co. (NYSE:DVN)

Arrowstreet Capital Limited Partnership grew its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 8.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,319,188 shares of the energy company's stock after purchasing an additional 101,696 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.20% of Devon Energy worth $43,177,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC increased its position in shares of Devon Energy by 39.8% during the third quarter. FMR LLC now owns 1,722,145 shares of the energy company's stock valued at $67,370,000 after purchasing an additional 489,964 shares during the period. Townsquare Capital LLC boosted its stake in Devon Energy by 40.4% during the third quarter. Townsquare Capital LLC now owns 22,773 shares of the energy company's stock worth $891,000 after buying an additional 6,554 shares in the last quarter. Martingale Asset Management L P acquired a new stake in Devon Energy during the third quarter worth $336,000. Rockefeller Capital Management L.P. increased its holdings in Devon Energy by 4.5% in the 3rd quarter. Rockefeller Capital Management L.P. now owns 299,798 shares of the energy company's stock valued at $11,733,000 after buying an additional 12,924 shares during the period. Finally, Edgestream Partners L.P. raised its stake in shares of Devon Energy by 592.6% in the 3rd quarter. Edgestream Partners L.P. now owns 50,001 shares of the energy company's stock valued at $1,956,000 after buying an additional 42,782 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Piper Sandler lifted their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Susquehanna upped their price objective on Devon Energy from $50.00 to $52.00 and gave the company a "positive" rating in a research note on Thursday, February 20th. Morgan Stanley set a $47.00 target price on Devon Energy and gave the stock an "overweight" rating in a report on Wednesday, March 26th. Truist Financial boosted their price target on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Finally, Benchmark reiterated a "buy" rating and set a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Devon Energy has a consensus rating of "Moderate Buy" and a consensus price target of $48.17.

Devon Energy Trading Down 11.7 %

Shares of NYSE:DVN traded down $3.87 during mid-day trading on Friday, reaching $29.30. The stock had a trading volume of 23,066,739 shares, compared to its average volume of 8,198,942. The firm has a market cap of $19.01 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The firm has a 50 day simple moving average of $35.22 and a two-hundred day simple moving average of $36.70. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a twelve month low of $29.06 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. On average, research analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.28%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy's payout ratio is presently 21.05%.

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.