Victory Capital Management Inc. Acquires 10,232 Shares of Devon Energy Co. (NYSE:DVN)

Victory Capital Management Inc. increased its position in shares of Devon Energy Co. (NYSE:DVN) by 0.1% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,609,375 shares of the energy company’s stock after purchasing an additional 10,232 shares during the quarter. Victory Capital Management Inc. owned approximately 1.52% of Devon Energy worth $455,484,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in DVN. Natixis Advisors L.P. increased its position in shares of Devon Energy by 31.7% during the 4th quarter. Natixis Advisors L.P. now owns 220,708 shares of the energy company’s stock worth $9,998,000 after purchasing an additional 53,096 shares in the last quarter. Axxcess Wealth Management LLC increased its position in shares of Devon Energy by 36.1% during the 4th quarter. Axxcess Wealth Management LLC now owns 6,800 shares of the energy company’s stock worth $308,000 after purchasing an additional 1,804 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Devon Energy by 3.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,539,574 shares of the energy company’s stock valued at $160,338,000 after acquiring an additional 123,158 shares in the last quarter. Cullen Frost Bankers Inc. increased its position in Devon Energy by 5.1% in the 4th quarter. Cullen Frost Bankers Inc. now owns 5,587 shares of the energy company’s stock valued at $253,000 after acquiring an additional 271 shares in the last quarter. Finally, Wealthspire Advisors LLC acquired a new stake in Devon Energy in the 4th quarter valued at about $208,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Down 0.4 %

Devon Energy stock opened at $42.08 on Friday. The company’s 50 day simple moving average is $45.52 and its 200 day simple moving average is $47.55. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The firm has a market capitalization of $26.59 billion, a price-to-earnings ratio of 8.03, a PEG ratio of 1.26 and a beta of 2.03. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm earned $1.18 EPS. Devon Energy’s quarterly revenue was up 13.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Devon Energy Co. will post 5.37 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date is Friday, September 13th. Devon Energy’s payout ratio is currently 16.79%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Bank of America restated a “buy” rating and issued a $64.00 price objective on shares of Devon Energy in a research report on Friday, June 14th. JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $62.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 8th. Scotiabank lowered their price objective on shares of Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Wolfe Research assumed coverage on shares of Devon Energy in a research report on Thursday, July 18th. They issued a “peer perform” rating for the company. Finally, Piper Sandler lowered their price target on shares of Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.63.

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.