Royal London Asset Management Ltd. Buys 8,328 Shares of Devon Energy Co. (NYSE:DVN)

Royal London Asset Management Ltd. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.3% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 258,822 shares of the energy company’s stock after acquiring an additional 8,328 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Devon Energy were worth $10,125,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy during the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. raised its holdings in shares of Devon Energy by 16.9% during the third 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 bought a new position in shares of Devon Energy during the third quarter valued at approximately $408,653,000. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock valued at $390,079,000 after acquiring an additional 361,968 shares in the last quarter. Finally, Raymond James & Associates raised 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 valued at $435,311,000 after acquiring an additional 138,919 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 2.7 %

Devon Energy stock opened at $34.99 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a one year low of $34.76 and a one year high of $55.09. The stock has a market capitalization of $22.98 billion, a PE ratio of 6.49, a price-to-earnings-growth ratio of 1.15 and a beta of 1.99. The business’s fifty day moving average is $39.36 and its 200 day moving average is $43.06.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period last year, the firm posted $1.65 earnings per share. Devon Energy’s revenue was up 4.9% compared to the same quarter last year. On average, sell-side analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.52%. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. UBS Group decreased their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Mizuho decreased their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating for the company in a report on Wednesday, October 9th. 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 report on Thursday. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Finally, Morgan Stanley decreased their price objective on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $50.75.

Devon Energy 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.