Devon Energy Co. (NYSE:DVN) Shares Acquired by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lifted its position in shares of Devon Energy Co. (NYSE:DVN) by 23.1% during the fourth quarter, Holdings Channel.com reports. The firm owned 403,505 shares of the energy company’s stock after acquiring an additional 75,851 shares during the period. Commonwealth Equity Services LLC’s holdings in Devon Energy were worth $13,207,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Geode Capital Management LLC lifted its position in shares of Devon Energy by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after buying an additional 206,884 shares in the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the 3rd quarter valued at $461,857,000. Pacer Advisors Inc. lifted its holdings in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC purchased a new position in Devon Energy in the 3rd quarter valued at $408,653,000. Finally, Victory Capital Management Inc. lifted its holdings in Devon Energy by 2.3% in the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after purchasing an additional 232,469 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of research reports. Raymond James decreased their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, March 10th. Wolfe Research raised 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. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Finally, Piper Sandler lifted their target price on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, February 24th. Ten analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Price Performance

Shares of NYSE DVN opened at $35.35 on Wednesday. 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 $30.39 and a twelve month high of $55.09. The stock has a 50 day moving average of $35.42 and a two-hundred day moving average of $37.14. The stock has a market cap of $22.94 billion, a P/E ratio of 7.75, a P/E/G 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 (EPS) for the quarter, beating 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, research analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. 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.