CacheTech Inc. Acquires 8,316 Shares of Devon Energy Co. (NYSE:DVN)

CacheTech Inc. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 16.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 60,142 shares of the energy company’s stock after buying an additional 8,316 shares during the quarter. CacheTech Inc.’s holdings in Devon Energy were worth $2,353,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DVN. State of Alaska Department of Revenue lifted its stake in shares of Devon Energy by 0.5% in the 1st quarter. State of Alaska Department of Revenue now owns 69,520 shares of the energy company’s stock valued at $3,488,000 after purchasing an additional 330 shares during the last quarter. Norden Group LLC purchased a new position in Devon Energy during the first quarter worth $1,330,000. First Trust Direct Indexing L.P. increased its position in Devon Energy by 5.2% during the first quarter. First Trust Direct Indexing L.P. now owns 17,207 shares of the energy company’s stock valued at $863,000 after acquiring an additional 857 shares during the last quarter. Van ECK Associates Corp increased its position in Devon Energy by 21.7% during the first quarter. Van ECK Associates Corp now owns 113,711 shares of the energy company’s stock valued at $5,706,000 after acquiring an additional 20,254 shares during the last quarter. Finally, Diversify Advisory Services LLC purchased a new stake in shares of Devon Energy in the first quarter valued at $246,000. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Down 0.9 %

Devon Energy stock opened at $38.32 on Friday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The business has a fifty day moving average of $41.04 and a two-hundred day moving average of $45.33. The firm has a market cap of $24.00 billion, a P/E ratio of 6.95, a P/E/G ratio of 1.18 and a beta of 2.02. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The firm had revenue of $3.92 billion for the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, analysts forecast that Devon Energy Co. will post 4.93 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.30%. The ex-dividend date of this dividend was Friday, September 13th. Devon Energy’s dividend payout ratio is currently 15.97%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Evercore ISI cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. Piper Sandler cut their target price on Devon Energy from $57.00 to $56.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 15th. Wells Fargo & Company reissued a “sector outperform” rating on shares of Devon Energy in a research note on Friday, October 18th. Scotiabank cut their price objective on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Finally, Jefferies Financial Group initiated coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price on the stock. Nine research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $52.53.

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.