Devon Energy Co. (NYSE:DVN) Holdings Raised by UniSuper Management Pty Ltd

UniSuper Management Pty Ltd grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 29.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 72,350 shares of the energy company’s stock after acquiring an additional 16,481 shares during the period. UniSuper Management Pty Ltd’s holdings in Devon Energy were worth $2,368,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of DVN. Sava Infond d.o.o. acquired a new position in Devon Energy in the 4th quarter worth about $342,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Devon Energy by 15.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,225,582 shares of the energy company’s stock worth $41,584,000 after buying an additional 164,336 shares during the last quarter. Korea Investment CORP increased its holdings in Devon Energy by 5.9% in the fourth quarter. Korea Investment CORP now owns 831,740 shares of the energy company’s stock worth $27,223,000 after buying an additional 46,327 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp raised its position in Devon Energy by 7.7% during the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 758,054 shares of the energy company’s stock valued at $24,811,000 after acquiring an additional 54,349 shares in the last quarter. Finally, Vanguard Group Inc. grew its position in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after acquiring an additional 5,465,692 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on DVN. Raymond James cut their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, March 10th. Truist Financial raised their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Susquehanna upped their price target on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a report on Thursday, February 20th. Piper Sandler lifted their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, JPMorgan Chase & Co. decreased their target price on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research note on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $48.29.

Devon Energy Price Performance

Devon Energy stock opened at $36.79 on Friday. The business has a 50 day simple moving average of $35.38 and a 200 day simple moving average of $36.87. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The company has a market capitalization of $23.87 billion, a PE ratio of 8.07, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, sell-side analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.61%. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

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.