Devon Energy Co. (NYSE:DVN) Shares Bought by Amundi

Amundi grew its position in shares of Devon Energy Co. (NYSE:DVN) by 2.3% during the 4th quarter, Holdings Channel reports. The firm owned 2,220,879 shares of the energy company’s stock after purchasing an additional 50,301 shares during the period. Amundi’s holdings in Devon Energy were worth $78,064,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. grew its holdings in shares of Devon Energy by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after acquiring an additional 7,487 shares during the last quarter. Verdence Capital Advisors LLC acquired a new position in shares of Devon Energy in the 3rd quarter worth $368,000. Atria Investments Inc grew its holdings in shares of Devon Energy by 4.2% in the 3rd quarter. Atria Investments Inc now owns 84,990 shares of the energy company’s stock worth $3,325,000 after acquiring an additional 3,393 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new position in shares of Devon Energy in the 3rd quarter worth $512,000. Finally, Covestor Ltd grew its holdings in shares of Devon Energy by 312.1% in the 3rd quarter. Covestor Ltd now owns 2,176 shares of the energy company’s stock worth $85,000 after acquiring an additional 1,648 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $34.40 on Wednesday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business has a 50-day moving average of $35.32 and a two-hundred day moving average of $37.49. The stock has a market capitalization of $22.32 billion, a P/E ratio of 7.54, a P/E/G 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 announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. On average, equities research analysts predict that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.79%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is currently 21.05%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DVN. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Wednesday, January 15th. Wolfe Research upgraded Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Friday, January 3rd. Piper Sandler lifted their price target on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Raymond James lowered their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $50.00 price target on shares of Devon Energy in a report on Friday, January 10th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $48.58.

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.