Victory Capital Management Inc. Has $386.83 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

Victory Capital Management Inc. raised its stake in Devon Energy Co. (NYSE:DVN) by 0.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,539,335 shares of the energy company’s stock after buying an additional 68,339 shares during the period. Victory Capital Management Inc. owned 1.33% of Devon Energy worth $386,832,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. SVB Wealth LLC grew its position in Devon Energy by 5.6% during the 3rd quarter. SVB Wealth LLC now owns 8,105 shares of the energy company’s stock worth $387,000 after acquiring an additional 430 shares during the last quarter. Pinnacle Associates Ltd. grew its holdings in shares of Devon Energy by 2.9% during the third quarter. Pinnacle Associates Ltd. now owns 146,894 shares of the energy company’s stock worth $7,007,000 after purchasing an additional 4,120 shares during the last quarter. Financial Management Network Inc. acquired a new position in shares of Devon Energy in the third quarter valued at approximately $265,000. Raymond James & Associates raised its holdings in Devon Energy by 5.0% in the 3rd quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after buying an additional 402,055 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Devon Energy by 4.4% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 4,461,956 shares of the energy company’s stock worth $212,835,000 after buying an additional 187,176 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $46.00 to $59.00 in a research report on Monday, April 1st. Truist Financial lifted their target price on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday, April 22nd. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Finally, Stifel Nicolaus lifted their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $58.33.

Devon Energy Stock Down 2.2 %

DVN stock traded down $1.13 during mid-day trading on Wednesday, reaching $50.05. 3,810,772 shares of the company traded hands, compared to its average volume of 7,763,676. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The firm’s 50 day moving average price is $49.23 and its 200 day moving average price is $46.24. The stock has a market cap of $31.78 billion, a price-to-earnings ratio of 8.60 and a beta of 2.19. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter last year, the company earned $1.66 earnings per share. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, equities research analysts predict that Devon Energy Co. will post 5.28 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 annualized dividend and a dividend yield of 3.52%. Devon Energy’s payout ratio is 15.09%.

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.