Verdence Capital Advisors LLC Purchases 13,617 Shares of Devon Energy Co. (NYSE:DVN)

Verdence Capital Advisors LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 144.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,012 shares of the energy company's stock after acquiring an additional 13,617 shares during the period. Verdence Capital Advisors LLC's holdings in Devon Energy were worth $753,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Geode Capital Management LLC raised its stake in shares of Devon Energy by 1.3% during the 3rd 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. bought a new stake in shares of Devon Energy during the 3rd quarter worth $461,857,000. Pacer Advisors Inc. raised its stake 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 worth $453,446,000 after purchasing an additional 1,677,652 shares during the period. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the 3rd quarter worth $408,653,000. Finally, Victory Capital Management Inc. raised its stake in shares of Devon Energy by 2.3% during the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company's stock worth $333,971,000 after purchasing an additional 232,469 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of NYSE DVN traded up $0.87 during midday trading on Friday, hitting $34.74. 10,538,173 shares of the company's stock were exchanged, compared to its average volume of 7,841,178. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The company has a market cap of $22.54 billion, a price-to-earnings ratio of 7.62, a PEG ratio of 1.20 and a beta of 1.91. The business's fifty day moving average price is $35.24 and its two-hundred day moving average price is $37.63.

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

Devon Energy Increases Dividend

The firm also recently disclosed 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. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. Devon Energy's payout ratio is presently 21.05%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DVN. Mizuho lowered their target price on Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Susquehanna lifted their target price on Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued a "sector perform" rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price objective for the company. in a report on Thursday, December 5th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.87.

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.