Victory Capital Management Inc. Boosts Stock Position in Devon Energy Co. (NYSE:DVN)

Victory Capital Management Inc. raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 3.8% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 9,971,343 shares of the energy company’s stock after buying an additional 361,968 shares during the quarter. Victory Capital Management Inc.’s holdings in Devon Energy were worth $390,079,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Sei Investments Co. boosted its holdings in shares of Devon Energy by 3.6% during the first quarter. Sei Investments Co. now owns 228,499 shares of the energy company’s stock valued at $11,462,000 after acquiring an additional 7,931 shares during the period. NorthRock Partners LLC bought a new position in shares of Devon Energy during the first quarter valued at $230,000. Russell Investments Group Ltd. increased its position in Devon Energy by 62.3% in the 1st quarter. Russell Investments Group Ltd. now owns 701,950 shares of the energy company’s stock valued at $35,222,000 after acquiring an additional 269,319 shares in the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in Devon Energy by 28.3% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 22,975 shares of the energy company’s stock valued at $1,153,000 after buying an additional 5,074 shares during the period. Finally, Patton Fund Management Inc. acquired a new position in Devon Energy in the first quarter valued at about $245,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

NYSE:DVN traded down $0.18 during mid-day trading on Tuesday, hitting $38.78. The stock had a trading volume of 1,880,660 shares, compared to its average volume of 7,412,386. The company has a 50 day simple moving average of $40.36 and a 200-day simple moving average of $44.69. Devon Energy Co. has a 52 week low of $37.76 and a 52 week high of $55.09. The stock has a market capitalization of $25.47 billion, a price-to-earnings ratio of 7.23, a P/E/G ratio of 1.21 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter last year, the company posted $1.65 EPS. On average, research analysts expect that Devon Energy Co. will post 4.89 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

Analyst Ratings Changes

Several research firms have weighed in on DVN. Scotiabank cut their target price on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating for the company in a research note on Thursday, October 10th. Wolfe Research initiated coverage on shares of Devon Energy in a research note on Thursday, July 18th. They set a “peer perform” rating for the company. TD Cowen lowered their price target on Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a report on Tuesday, November 5th. BMO Capital Markets dropped their price target on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Finally, Evercore ISI reduced their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a research note on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $51.80.

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.