Raymond James Financial Inc. Invests $154.17 Million in Devon Energy Co. (NYSE:DVN)

Raymond James Financial Inc. bought a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 4,710,360 shares of the energy company's stock, valued at approximately $154,170,000. Raymond James Financial Inc. owned about 0.72% of Devon Energy as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock worth $619,747,000 after purchasing an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in Devon Energy in the third quarter valued at about $461,857,000. 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 buying an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC acquired a new stake in Devon Energy in the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. raised 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 valued at $333,971,000 after buying an additional 232,469 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on DVN shares. Piper Sandler increased their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a research note on Monday, February 24th. Citigroup decreased their price objective on Devon Energy from $55.00 to $48.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. Royal Bank of Canada restated a "sector perform" rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of "Moderate Buy" and an average price target of $48.87.

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Devon Energy Stock Performance

NYSE DVN traded down $0.59 during trading on Monday, reaching $34.12. 1,531,668 shares of the company's stock were exchanged, compared to its average volume of 7,817,344. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock has a market capitalization of $22.14 billion, a P/E ratio of 7.51, a PEG ratio of 1.20 and a beta of 1.91. The business has a 50 day moving average price of $35.24 and a 200-day moving average price of $37.63. 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 (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Sell-side analysts forecast that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.81%. Devon Energy's dividend payout ratio (DPR) is 21.05%.

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.