State of Michigan Retirement System increased its stake in Devon Energy Co. (NYSE:DVN - Free Report) by 12.0% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 190,991 shares of the energy company's stock after buying an additional 20,500 shares during the quarter. State of Michigan Retirement System's holdings in Devon Energy were worth $6,251,000 as of its most recent filing with the SEC.
Other large investors have also modified their holdings of the company. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy during the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC bought a new position in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. bought a new position in Devon Energy during the 3rd quarter worth approximately $230,928,000. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock worth $453,446,000 after purchasing an additional 1,677,652 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Devon Energy by 90.8% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company's stock worth $89,170,000 after purchasing an additional 1,296,590 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.
Devon Energy Trading Up 2.6 %
Shares of Devon Energy stock traded up $0.87 on Friday, reaching $34.74. 10,538,173 shares of the company were exchanged, compared to its average volume of 7,841,178. The stock has a fifty day moving average price of $35.24 and a 200-day moving average price of $37.63. The firm has a market capitalization of $22.54 billion, a price-to-earnings ratio of 7.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09.
Devon Energy (NYSE:DVN - Get Free Report) last announced its 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 company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. On average, analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.
Devon Energy Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. Devon Energy's payout ratio is 21.05%.
Analyst Ratings Changes
Several brokerages recently issued reports on DVN. Susquehanna raised their price target on Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a report on Thursday, February 20th. Benchmark restated a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a research report on Thursday, February 20th. Raymond James raised their target price on Devon Energy from $53.00 to $54.00 and gave the company an "outperform" rating in a research report on Thursday, January 23rd. Truist Financial raised their target price on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Finally, Wells Fargo & Company lowered their target price on Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research report on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $48.87.
View Our Latest Report on DVN
About Devon Energy
(
Free Report)
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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