Russell Investments Group Ltd. Purchases 173,580 Shares of Devon Energy Co. (NYSE:DVN)

Russell Investments Group Ltd. grew its position in Devon Energy Co. (NYSE:DVN - Free Report) by 25.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 865,999 shares of the energy company's stock after acquiring an additional 173,580 shares during the period. Russell Investments Group Ltd. owned 0.13% of Devon Energy worth $28,342,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Hurley Capital LLC bought a new stake in Devon Energy during the 4th quarter worth approximately $26,000. Payden & Rygel grew its stake in shares of Devon Energy by 968.6% in the fourth quarter. Payden & Rygel now owns 37,400 shares of the energy company's stock worth $1,224,000 after purchasing an additional 33,900 shares during the last quarter. Aviva PLC increased its holdings in Devon Energy by 767.3% in the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after purchasing an additional 333,530 shares during the period. Resona Asset Management Co. Ltd. bought a new position in Devon Energy during the 4th quarter worth $5,967,000. Finally, Pitcairn Co. lifted its holdings in Devon Energy by 29.1% during the 4th quarter. Pitcairn Co. now owns 54,725 shares of the energy company's stock worth $1,791,000 after buying an additional 12,342 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of a number of analyst reports. Cowen downgraded Devon Energy to a "hold" rating and lowered their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Raymond James lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set an "outperform" rating for the company in a report on Monday, March 10th. Piper Sandler upped their price objective 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. StockNews.com raised shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Friday, January 3rd. Finally, Benchmark restated a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.08.

Remove Ads

Devon Energy Stock Up 1.7 %

DVN traded up $0.48 during trading on Friday, hitting $28.23. 12,096,764 shares of the company's stock were exchanged, compared to its average volume of 8,386,697. Devon Energy Co. has a fifty-two week low of $25.89 and a fifty-two week high of $54.04. The stock has a market cap of $18.32 billion, a P/E ratio of 6.19, a PEG ratio of 1.20 and a beta of 1.50. The business's 50 day moving average is $34.38 and its two-hundred day moving average is $36.13. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

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

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.24 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.40%. Devon Energy's payout ratio is presently 21.05%.

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.