Franklin Resources Inc. Acquires 646,045 Shares of Devon Energy Co. (NYSE:DVN)

Franklin Resources Inc. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 90.1% during the third quarter, Holdings Channel reports. The firm owned 1,363,090 shares of the energy company’s stock after purchasing an additional 646,045 shares during the period. Franklin Resources Inc.’s holdings in Devon Energy were worth $58,435,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of DVN. 1620 Investment Advisors Inc. bought a new position in Devon Energy during the second quarter valued at about $34,000. Capital Performance Advisors LLP acquired a new position in shares of Devon Energy during the 3rd quarter valued at about $35,000. PSI Advisors LLC raised its stake in shares of Devon Energy by 66.7% in the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in Devon Energy in the 3rd quarter worth approximately $39,000. Finally, True Wealth Design LLC boosted its position in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

NYSE DVN opened at $32.58 on Tuesday. Devon Energy Co. has a twelve month low of $32.56 and a twelve month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock has a market cap of $21.40 billion, a P/E ratio of 6.04, a PEG ratio of 1.10 and a beta of 1.99. The company’s 50-day simple moving average is $38.54 and its 200 day simple moving average is $42.43.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 analyst estimates of $3.72 billion. During the same period in the prior year, the company posted $1.65 EPS. The company’s revenue was up 4.9% compared to the same quarter last year. As a group, research analysts forecast that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

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 paid a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.70%. Devon Energy’s dividend payout ratio is currently 16.33%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on DVN. Truist Financial lowered shares of Devon Energy from a “buy” rating to a “hold” rating and dropped their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Benchmark reissued a “hold” rating on shares of Devon Energy in a research report on Tuesday, October 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. TD Cowen cut their price objective on Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a research report on Tuesday, November 5th. Finally, Piper Sandler raised their target price on Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a report on Monday, November 18th. Twelve research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $50.55.

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.