Westwood Holdings Group Inc. Purchases 10,548 Shares of Devon Energy Co. (NYSE:DVN)

Westwood Holdings Group Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 27.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 48,637 shares of the energy company’s stock after purchasing an additional 10,548 shares during the period. Westwood Holdings Group Inc.’s holdings in Devon Energy were worth $2,441,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of DVN. Vanguard Group Inc. grew its position in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares in the last quarter. Raymond James & Associates grew its position in shares of Devon Energy by 8.9% in the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after purchasing an additional 736,449 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Devon Energy by 0.8% in the fourth quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock valued at $386,832,000 after purchasing an additional 68,339 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Devon Energy by 26.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after purchasing an additional 1,488,374 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in shares of Devon Energy by 3.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after purchasing an additional 156,230 shares in the last quarter. 69.72% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.73% of the stock is currently owned by corporate insiders.

Devon Energy Price Performance

DVN stock traded up $0.06 during mid-day trading on Friday, hitting $46.34. 4,327,154 shares of the stock were exchanged, compared to its average volume of 5,853,101. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.04 and a quick ratio of 0.97. The business has a fifty day moving average price of $47.19 and a 200 day moving average price of $47.11. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The stock has a market capitalization of $29.29 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 0.77 and a beta of 2.07.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The company’s revenue was down 5.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Devon Energy Co. will post 5.4 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend was Friday, June 14th. Devon Energy’s dividend payout ratio (DPR) is presently 16.79%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Wells Fargo & Company reduced their price target on Devon Energy from $60.00 to $57.00 and set an “overweight” rating for the company in a research report on Tuesday. Sanford C. Bernstein reduced their price target on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Piper Sandler lifted their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Tuesday, May 14th. Truist Financial dropped their price objective on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Finally, Scotiabank dropped their price objective on Devon Energy from $67.00 to $60.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. Six research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $59.13.

About Devon Energy

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.