Perpetual Ltd Grows Stock Holdings in Devon Energy Co. (NYSE:DVN)

Perpetual Ltd lifted its stake in Devon Energy Co. (NYSE:DVN) by 165.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,268 shares of the energy company’s stock after purchasing an additional 10,133 shares during the quarter. Perpetual Ltd’s holdings in Devon Energy were worth $532,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in DVN. Riversedge Advisors LLC grew its stake in shares of Devon Energy by 3.6% in the third quarter. Riversedge Advisors LLC now owns 7,336 shares of the energy company’s stock worth $287,000 after acquiring an additional 253 shares during the last quarter. Modus Advisors LLC grew its position in Devon Energy by 2.4% during the 3rd quarter. Modus Advisors LLC now owns 11,439 shares of the energy company’s stock valued at $447,000 after purchasing an additional 272 shares during the last quarter. Lummis Asset Management LP increased its stake in Devon Energy by 1.0% during the 2nd quarter. Lummis Asset Management LP now owns 30,055 shares of the energy company’s stock valued at $1,425,000 after purchasing an additional 290 shares in the last quarter. Hazlett Burt & Watson Inc. raised its holdings in Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after buying an additional 290 shares during the last quarter. Finally, Sfmg LLC grew its holdings in shares of Devon Energy by 0.5% during the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after buying an additional 294 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on DVN shares. Jefferies Financial Group initiated coverage on Devon Energy in a research report on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective on the stock. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Evercore ISI reduced their price objective on Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Truist Financial lowered their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a research note on Monday, January 13th. Finally, Mizuho decreased 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. Nine research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $49.27.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $36.46 on Thursday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The business’s 50 day moving average price is $35.37 and its 200-day moving average price is $40.05. The firm has a market capitalization of $23.95 billion, a PE ratio of 6.76, a P/E/G ratio of 1.26 and a beta of 2.00.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the company posted $1.65 earnings per share. The business’s revenue was up 4.9% on a year-over-year basis. As a group, equities research analysts expect that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is presently 16.33%.

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.