Shikiar Asset Management Inc. Increases Stake in Devon Energy Co. (NYSE:DVN)

Shikiar Asset Management Inc. boosted its holdings in Devon Energy Co. (NYSE:DVN) by 63.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 185,955 shares of the energy company’s stock after buying an additional 72,155 shares during the quarter. Devon Energy makes up about 1.9% of Shikiar Asset Management Inc.’s holdings, making the stock its 19th largest position. Shikiar Asset Management Inc.’s holdings in Devon Energy were worth $7,275,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in shares of Devon Energy by 3.5% in the 1st quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after buying an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. boosted its stake in Devon Energy by 16.8% in the second quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Devon Energy by 1.5% during the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after purchasing an additional 138,919 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Devon Energy by 16.7% during the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in Devon Energy by 15.9% in the second quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock valued at $241,456,000 after buying an additional 699,743 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Up 0.2 %

DVN opened at $42.96 on Friday. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09. The company has a market cap of $26.90 billion, a price-to-earnings ratio of 7.80, a PEG ratio of 1.27 and a beta of 2.02. The business’s fifty day moving average is $42.37 and its two-hundred day moving average is $46.60. 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 (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $3.90 billion. During the same period last year, the firm posted $1.18 EPS. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Analysts anticipate that Devon Energy Co. will post 5.01 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Friday, September 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date was Friday, September 13th. Devon Energy’s payout ratio is currently 15.97%.

Wall Street Analyst Weigh In

DVN has been the subject of a number of research reports. Jefferies Financial Group initiated coverage on shares of Devon Energy in a report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 target price for the company. Truist Financial lowered their target price on Devon Energy from $60.00 to $49.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Sanford C. Bernstein cut their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research note on Wednesday, July 17th. StockNews.com lowered shares of Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Finally, Evercore ISI cut their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a research report on Monday, September 30th. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $52.63.

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.