Swiss National Bank Sells 96,100 Shares of Devon Energy Co. (NYSE:DVN)

Swiss National Bank lessened its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,766,639 shares of the energy company's stock after selling 96,100 shares during the quarter. Swiss National Bank owned about 0.27% of Devon Energy worth $57,822,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC increased its stake 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 valued at $619,747,000 after acquiring an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. acquired a new position in shares of Devon Energy during the third quarter valued at approximately $461,857,000. Pacer Advisors Inc. increased its stake in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the period. EnCap Partners GP LLC acquired a new position in shares of Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. increased its stake in shares of 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 acquiring an additional 232,469 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

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Analyst Upgrades and Downgrades

A number of research analysts recently commented on DVN shares. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Citigroup reduced their target price on shares of Devon Energy from $48.00 to $46.00 and set a "buy" rating for the company in a report on Monday. Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Susquehanna raised their target price on shares of Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a report on Thursday, February 20th. Finally, Piper Sandler raised their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $48.46.

Devon Energy Stock Up 2.0 %

Shares of NYSE:DVN traded up $0.71 during trading on Wednesday, reaching $36.08. 9,799,052 shares of the company traded hands, compared to its average volume of 9,762,236. The firm has a market cap of $23.41 billion, a P/E ratio of 7.91, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The firm has a fifty day simple moving average of $35.42 and a 200 day simple moving average of $37.14. 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 Co. has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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 net margin of 18.14% and a return on equity of 22.52%. Analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.66%. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is currently 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.