Toronto Dominion Bank Sells 2,714 Shares of Devon Energy Co. (NYSE:DVN)

Toronto Dominion Bank lessened its stake in Devon Energy Co. (NYSE:DVN) by 0.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 308,726 shares of the energy company’s stock after selling 2,714 shares during the quarter. Toronto Dominion Bank’s holdings in Devon Energy were worth $12,077,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC raised its stake 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 buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new stake in Devon Energy in the 3rd quarter worth about $461,857,000. Pacer Advisors Inc. raised its stake 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 acquiring an additional 1,677,652 shares during the period. EnCap Partners GP LLC purchased a new stake in Devon Energy during the third quarter valued at about $408,653,000. Finally, Victory Capital Management Inc. boosted its position in 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 worth $390,079,000 after purchasing an additional 361,968 shares during the period. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $33.86 on Friday. The firm has a market cap of $22.24 billion, a P/E ratio of 6.28, a P/E/G ratio of 1.10 and a beta of 1.99. The firm’s fifty day moving average is $38.75 and its 200 day moving average is $42.62. Devon Energy Co. has a 52 week low of $33.39 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) 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 firm 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 earned $1.65 earnings per share. The company’s revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed 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 is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.60%. Devon Energy’s payout ratio is currently 16.33%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on DVN. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. UBS Group dropped their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. JPMorgan Chase & Co. cut Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price target for the company. in a research report on Thursday, December 5th. Piper Sandler increased their price objective on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. Finally, BMO Capital Markets reduced their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $50.75.

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.