Victory Capital Management Inc. Acquires 232,469 Shares of Devon Energy Co. (NYSE:DVN)

Victory Capital Management Inc. boosted its holdings in Devon Energy Co. (NYSE:DVN) by 2.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,203,812 shares of the energy company’s stock after acquiring an additional 232,469 shares during the quarter. Victory Capital Management Inc. owned 1.55% of Devon Energy worth $333,971,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in shares of Devon Energy by 1.3% in the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy in the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. lifted its stake in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new position in Devon Energy during the 3rd quarter worth $408,653,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Devon Energy by 1.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,793,610 shares of the energy company’s stock worth $265,766,000 after acquiring an additional 70,848 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 0.5 %

Shares of DVN stock opened at $34.23 on Wednesday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company’s fifty day simple moving average is $35.07 and its two-hundred day simple moving average is $37.85. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The stock has a market capitalization of $22.21 billion, a price-to-earnings ratio of 7.51, a PEG ratio of 1.20 and a beta of 1.98.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.80%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

Analysts Set New Price Targets

A number of research firms recently weighed in on DVN. Susquehanna raised their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research report on Thursday, February 20th. Mizuho dropped their target price on shares of Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Finally, JPMorgan Chase & Co. downgraded Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $48.87.

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.