Pictet Asset Management Holding SA Has $9.02 Million Stake in Devon Energy Co. (NYSE:DVN)

Pictet Asset Management Holding SA reduced its position in Devon Energy Co. (NYSE:DVN - Free Report) by 5.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 275,421 shares of the energy company's stock after selling 16,216 shares during the period. Pictet Asset Management Holding SA's holdings in Devon Energy were worth $9,015,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Devon Energy by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after buying an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Devon Energy in the 4th quarter worth approximately $154,170,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company's stock valued at $89,170,000 after purchasing an additional 1,296,590 shares during the period. KBC Group NV lifted its stake in shares of Devon Energy by 1,015.7% in the fourth quarter. KBC Group NV now owns 812,027 shares of the energy company's stock worth $26,577,000 after buying an additional 739,247 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Devon Energy by 90.1% during the 3rd quarter. Franklin Resources Inc. now owns 1,363,090 shares of the energy company's stock worth $58,435,000 after buying an additional 646,045 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Stock Down 11.7 %

NYSE:DVN traded down $3.87 during trading hours on Friday, reaching $29.30. 23,066,739 shares of the stock were exchanged, compared to its average volume of 8,198,942. 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 Co. has a twelve month low of $29.06 and a twelve month high of $55.09. The stock has a market cap of $19.01 billion, a PE ratio of 6.42, a PEG ratio of 1.20 and a beta of 1.50. The firm has a 50 day moving average of $35.22 and a 200 day moving average of $36.67.

Devon Energy (NYSE:DVN - Get Free Report) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, equities analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date was Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is 21.05%.

Analysts Set New Price Targets

DVN has been the subject of several research analyst reports. Piper Sandler boosted their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. Morgan Stanley set a $47.00 target price on Devon Energy and gave the stock an "overweight" rating in a research report on Wednesday, March 26th. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Finally, Cowen cut shares of Devon Energy to a "hold" rating and lowered their target price for the company from $46.00 to $45.00 in a research note on Tuesday, February 18th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $48.17.

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.