Westpac Banking Corp Purchases 10,133 Shares of Devon Energy Co. (NYSE:DVN)

Westpac Banking Corp grew its position in Devon Energy Co. (NYSE:DVN - Free Report) by 165.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,268 shares of the energy company's stock after acquiring an additional 10,133 shares during the period. Westpac Banking Corp's holdings in Devon Energy were worth $532,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares during the last quarter. Geode Capital Management LLC grew its stake in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock valued at $552,830,000 after buying an additional 1,038,305 shares during the last quarter. Victory Capital Management Inc. raised its holdings in Devon Energy by 2.3% in the 4th 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. Thrivent Financial for Lutherans lifted its position in Devon Energy by 10.8% during the fourth quarter. Thrivent Financial for Lutherans now owns 5,694,373 shares of the energy company's stock worth $186,714,000 after acquiring an additional 554,219 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Devon Energy during the fourth quarter worth approximately $154,170,000. 69.72% of the stock is owned by institutional investors.

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Devon Energy Stock Performance

Shares of DVN stock traded down $0.45 during trading on Tuesday, hitting $28.16. The company's stock had a trading volume of 4,490,034 shares, compared to its average volume of 9,656,212. The business has a fifty day moving average of $35.08 and a 200-day moving average of $36.58. The company has a market cap of $18.27 billion, a PE ratio of 6.17, a P/E/G ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a 52 week low of $27.14 and a 52 week 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.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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 business had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. As a group, research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. 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 yield of 3.41%. The ex-dividend date was Friday, March 14th. Devon Energy's dividend payout ratio is currently 21.05%.

Analyst Ratings Changes

Several analysts recently issued reports on DVN shares. Wells Fargo & Company reduced their price target on Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a research report on Friday. Mizuho dropped their price objective on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating for the company in a report on Monday, December 16th. Truist Financial raised their price target on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. reduced their target price on Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a report on Thursday, March 13th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and an average target price of $47.67.

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.