Vanguard Group Inc. Raises Stake in Devon Energy Co. (NYSE:DVN)

Vanguard Group Inc. lifted its position in Devon Energy Co. (NYSE:DVN) by 7.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 80,682,170 shares of the energy company’s stock after purchasing an additional 5,465,692 shares during the period. Vanguard Group Inc. owned about 12.28% of Devon Energy worth $2,640,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Legacy Investment Solutions LLC purchased a new stake in Devon Energy in the 3rd quarter worth $8,002,000. Bridgewater Associates LP purchased a new stake in shares of Devon Energy during the third quarter worth about $9,426,000. Petrus Trust Company LTA raised its stake in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after purchasing an additional 17,415 shares during the period. Klein Pavlis & Peasley Financial Inc. purchased a new position in Devon Energy in the 4th quarter worth approximately $782,000. Finally, Fortem Financial Group LLC bought a new position in Devon Energy in the 3rd quarter worth approximately $583,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $36.96 on Wednesday. The business’s 50 day moving average price is $35.46 and its 200-day moving average price is $36.92. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The company has a market cap of $23.99 billion, a price-to-earnings ratio of 8.11, a PEG ratio of 1.20 and a beta of 1.91.

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

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.60%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. JPMorgan Chase & Co. decreased their price target on shares of Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research report on Friday, January 3rd. Piper Sandler boosted their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, Cowen cut Devon Energy to a “hold” rating and cut their price target for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $48.46.

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.