BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 16,907 Shares of Devon Energy Co. (NYSE:DVN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp cut its holdings in shares of Devon Energy Co. (NYSE:DVN) by 13.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 104,715 shares of the energy company’s stock after selling 16,907 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Devon Energy were worth $4,096,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after purchasing an additional 1,677,652 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 3.8% during the 3rd quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after buying an additional 361,968 shares during the period. Raymond James & Associates lifted its stake in Devon Energy by 1.5% in the second quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock valued at $435,311,000 after buying an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after buying an additional 1,255,543 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Devon Energy by 1.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,793,610 shares of the energy company’s stock worth $265,766,000 after acquiring an additional 70,848 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on DVN shares. BMO Capital Markets cut their price objective on shares of Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Jefferies Financial Group initiated coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 price objective for the company. Piper Sandler lifted their target price on Devon Energy from $56.00 to $57.00 and gave the company an “overweight” rating in a research report on Monday, November 18th. Raymond James reduced their price target on Devon Energy from $58.00 to $51.00 in a research report on Tuesday, November 5th. Finally, TD Cowen lowered their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. 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 company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $51.15.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $37.58 on Wednesday. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $24.69 billion, a P/E ratio of 6.97, a P/E/G ratio of 1.19 and a beta of 1.99. Devon Energy Co. has a 12 month low of $37.15 and a 12 month high of $55.09. The stock has a 50 day moving average of $39.61 and a 200-day moving average of $43.39.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.65 earnings per share. As a group, equities research analysts predict that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Shareholders 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 annualized dividend and a yield of 2.34%. Devon Energy’s dividend payout ratio is currently 16.33%.

Devon Energy 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.