BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Grows Position in Devon Energy Co. (NYSE:DVN)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in Devon Energy Co. (NYSE:DVN - Free Report) by 59.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 121,622 shares of the energy company's stock after acquiring an additional 45,127 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in Devon Energy were worth $5,765,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Creekmur Asset Management LLC bought a new stake in Devon Energy during the 4th quarter worth approximately $791,000. Wahed Invest LLC grew its holdings in Devon Energy by 6.3% during the fourth quarter. Wahed Invest LLC now owns 10,944 shares of the energy company's stock worth $496,000 after buying an additional 648 shares in the last quarter. Tradewinds Capital Management LLC purchased a new stake in Devon Energy in the 1st quarter valued at $30,000. MCF Advisors LLC lifted its stake in Devon Energy by 5.6% during the 1st quarter. MCF Advisors LLC now owns 4,023 shares of the energy company's stock valued at $202,000 after acquiring an additional 215 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Devon Energy by 39.2% in the 1st quarter. GAMMA Investing LLC now owns 10,927 shares of the energy company's stock worth $548,000 after acquiring an additional 3,079 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of several analyst reports. Wolfe Research started coverage on shares of Devon Energy in a report on Thursday, July 18th. They set a "peer perform" rating on the stock. UBS Group cut their target price on Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a research note on Wednesday, September 18th. Truist Financial decreased their price target on Devon Energy from $67.00 to $64.00 and set a "buy" rating for the company in a research report on Tuesday, July 9th. JPMorgan Chase & Co. dropped their price target on Devon Energy from $64.00 to $51.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. Finally, StockNews.com downgraded Devon Energy from a "buy" rating to a "hold" rating in a research note on Monday, September 2nd. Six analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Devon Energy Stock Performance

DVN stock traded up $1.09 during midday trading on Friday, reaching $38.96. 8,624,356 shares of the company's stock traded hands, compared to its average volume of 7,198,965. The firm has a market capitalization of $24.40 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03. The company has a 50-day moving average price of $43.21 and a two-hundred day moving average price of $47.06. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The company has a debt-to-equity ratio of 0.45, a quick ratio of 1.03 and a current ratio of 1.11.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The company had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period in the previous year, the company posted $1.18 EPS. The firm's revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, equities analysts anticipate that Devon Energy Co. will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Devon Energy's dividend payout ratio (DPR) is currently 16.79%.

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.