MetLife Investment Management LLC Raises Stock Position in Devon Energy Co. (NYSE:DVN)

MetLife Investment Management LLC grew its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 6.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,267 shares of the energy company's stock after buying an additional 10,389 shares during the quarter. MetLife Investment Management LLC's holdings in Devon Energy were worth $5,671,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in DVN. Vanguard Group Inc. grew its holdings in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock valued at $552,830,000 after buying an additional 1,038,305 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Devon Energy by 2.3% in 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 during the period. Invesco Ltd. lifted its stake in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after acquiring an additional 2,335,473 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its holdings in Devon Energy by 10.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 5,694,373 shares of the energy company's stock valued at $186,714,000 after acquiring an additional 554,219 shares during the period. Institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on DVN. Citigroup reduced their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Scotiabank decreased their price objective on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Barclays dropped their target price on shares of Devon Energy from $44.00 to $38.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Williams Trading set a $50.00 price target on shares of Devon Energy in a research note on Wednesday, March 5th. Finally, 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 research note on Wednesday, January 15th. Ten equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $44.83.

Devon Energy Trading Down 0.4 %

NYSE DVN opened at $31.08 on Thursday. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $53.20. The company has a 50 day moving average price of $33.70 and a 200 day moving average price of $35.60. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $20.17 billion, a PE ratio of 6.82, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN - Get Free Report) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal 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 paid a $0.24 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 3.09%. Devon Energy's dividend payout ratio (DPR) is 21.05%.

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.

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