StoneX Group Inc. Increases Position in Devon Energy Co. (NYSE:DVN)

StoneX Group Inc. grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.1% in the 3rd quarter, Holdings Channel.com reports. The firm owned 21,865 shares of the energy company’s stock after acquiring an additional 659 shares during the period. StoneX Group Inc.’s holdings in Devon Energy were worth $855,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Public Employees Retirement System of Ohio boosted its holdings in Devon Energy by 6.7% in the first quarter. Public Employees Retirement System of Ohio now owns 323,217 shares of the energy company’s stock worth $16,219,000 after acquiring an additional 20,410 shares in the last quarter. SVB Wealth LLC grew its position in Devon Energy by 68.3% during the 1st quarter. SVB Wealth LLC now owns 12,063 shares of the energy company’s stock valued at $605,000 after purchasing an additional 4,894 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in Devon Energy during the 1st quarter valued at about $373,000. Redwood Investment Management LLC increased its stake in Devon Energy by 7.0% during the 1st quarter. Redwood Investment Management LLC now owns 47,486 shares of the energy company’s stock valued at $2,383,000 after purchasing an additional 3,113 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in Devon Energy by 32.3% in the first quarter. Tidal Investments LLC now owns 112,100 shares of the energy company’s stock worth $5,596,000 after buying an additional 27,357 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $39.45 on Monday. The stock has a market cap of $25.91 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. Devon Energy Co. has a 1 year low of $37.76 and a 1 year high of $55.09. The firm has a fifty day moving average price of $39.94 and a 200-day moving average price of $43.90. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the business posted $1.65 EPS. Devon Energy’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be issued a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. Devon Energy’s dividend payout ratio is presently 16.33%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $57.00 price target on shares of Devon Energy in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their target price on Devon Energy from $64.00 to $51.00 and set an “overweight” rating for the company in a report on Thursday, September 12th. Jefferies Financial Group started coverage on Devon Energy in a report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. BMO Capital Markets decreased their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, Truist Financial downgraded 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 report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $51.85.

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.