Concord Asset Management LLC VA grew its holdings in Devon Energy Co. (NYSE:DVN – Free Report) by 5.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,861 shares of the energy company’s stock after acquiring an additional 473 shares during the quarter. Concord Asset Management LLC VA’s holdings in Devon Energy were worth $386,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of DVN. Vanguard Group Inc. boosted its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after acquiring an additional 2,559,039 shares during the period. International Assets Investment Management LLC boosted its position in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company’s stock valued at $89,231,000 after acquiring an additional 2,226,983 shares during the period. Pacer Advisors Inc. boosted its position in shares of 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 during the period. Los Angeles Capital Management LLC raised its stake in shares of Devon Energy by 7,165.6% in the second quarter. Los Angeles Capital Management LLC now owns 1,376,253 shares of the energy company’s stock valued at $65,234,000 after purchasing an additional 1,357,311 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. 69.72% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of brokerages recently commented on DVN. Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and cut their target price for the company from $49.00 to $43.00 in a research note on Thursday, November 7th. Mizuho cut their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Piper Sandler cut their target price on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, Morgan Stanley cut their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $51.80.
Devon Energy Stock Performance
Shares of NYSE:DVN opened at $38.47 on Friday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The firm has a market cap of $25.27 billion, a PE ratio of 7.14, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The business has a fifty day moving average of $40.09 and a 200-day moving average of $44.37.
Devon Energy (NYSE:DVN – Get Free Report) last announced its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period last year, the company posted $1.65 earnings per share. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. On average, equities research analysts predict that Devon Energy Co. will post 4.84 EPS for the current fiscal year.
Devon Energy Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.
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.
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