Geode Capital Management LLC Buys 206,884 Shares of Devon Energy Co. (NYSE:DVN)

Geode Capital Management LLC boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 1.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,892,970 shares of the energy company’s stock after buying an additional 206,884 shares during the period. Geode Capital Management LLC owned approximately 2.42% of Devon Energy worth $619,747,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. EnCap Energy Capital Fund XI L.P. bought a new position in shares of Devon Energy during the third quarter valued at $461,857,000. Pacer Advisors Inc. increased 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 purchasing an additional 1,677,652 shares in the last quarter. EnCap Partners GP LLC bought a new stake in Devon Energy during the 3rd quarter valued at about $408,653,000. Victory Capital Management Inc. raised its holdings in Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in shares of Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on DVN shares. Susquehanna decreased their price objective on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Evercore ISI lowered their price target on Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. UBS Group reduced their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $50.75.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $34.14 on Friday. The stock has a market cap of $22.43 billion, a P/E ratio of 6.33, a P/E/G ratio of 1.11 and a beta of 1.99. 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 stock’s fifty day moving average is $38.92 and its 200 day moving average is $42.72. Devon Energy Co. has a one year low of $33.88 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, topping the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $1.65 earnings per share. Sell-side analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given 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 2.58%. Devon Energy’s payout ratio is currently 16.33%.

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.