Heritage Trust Co Buys New Stake in Devon Energy Co. (NYSE:DVN)

Heritage Trust Co acquired a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 56,189 shares of the energy company's stock, valued at approximately $1,839,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in Devon Energy by 7.3% in 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 acquiring an additional 5,465,692 shares during the period. Geode Capital Management LLC lifted its stake in shares of Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock valued at $552,830,000 after purchasing an additional 1,038,305 shares during the period. Victory Capital Management Inc. boosted its holdings in Devon Energy by 2.3% during the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company's stock worth $333,971,000 after buying an additional 232,469 shares in the last quarter. Invesco Ltd. grew its position in Devon Energy by 32.8% during the fourth quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock valued at $309,682,000 after buying an additional 2,335,473 shares during the period. Finally, Thrivent Financial for Lutherans increased its holdings in Devon Energy by 10.8% in the fourth quarter. Thrivent Financial for Lutherans now owns 5,694,373 shares of the energy company's stock valued at $186,714,000 after buying an additional 554,219 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

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Devon Energy Trading Up 0.0 %

Shares of NYSE DVN traded up $0.01 during midday trading on Tuesday, reaching $28.74. 4,107,383 shares of the stock were exchanged, compared to its average volume of 8,379,408. Devon Energy Co. has a twelve month low of $25.89 and a twelve month high of $54.04. The stock has a market capitalization of $18.65 billion, a P/E ratio of 6.30, a PEG ratio of 1.20 and a beta of 1.50. The company has a 50 day simple moving average of $34.27 and a 200 day simple moving average of $36.06. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $4.25 billion. As a group, equities analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy's payout ratio is 21.05%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Piper Sandler increased their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, February 24th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Morgan Stanley set a $47.00 target price on Devon Energy and gave the stock an "overweight" rating in a research note on Wednesday, March 26th. Benchmark reissued a "buy" rating and issued a $44.00 price target on shares of Devon Energy in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a research report on Thursday, March 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.71.

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.