Devon Energy Co. (NYSE:DVN) Position Increased by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 24.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 801,000 shares of the energy company’s stock after purchasing an additional 159,600 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Devon Energy were worth $23,381,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Ossiam grew its stake in shares of Devon Energy by 3.0% in the second quarter. Ossiam now owns 32,513 shares of the energy company’s stock worth $840,000 after acquiring an additional 953 shares during the last quarter. Natixis grew its stake in shares of Devon Energy by 4.3% in the second quarter. Natixis now owns 27,078 shares of the energy company’s stock worth $790,000 after acquiring an additional 1,116 shares during the last quarter. Toroso Investments LLC grew its stake in shares of Devon Energy by 17.7% in the second quarter. Toroso Investments LLC now owns 28,964 shares of the energy company’s stock worth $845,000 after acquiring an additional 4,346 shares during the last quarter. Sigma Planning Corp bought a new position in Devon Energy in the second quarter worth $7,995,000. Finally, Wealthstar Advisors LLC bought a new position in Devon Energy in the second quarter worth $1,985,000. Institutional investors own 86.42% of the company’s stock.

Several research analysts recently commented on the company. Truist raised their target price on Devon Energy from $42.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, October 7th. Wells Fargo & Company raised their target price on Devon Energy from $39.00 to $42.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 6th. Truist Securities lifted their price objective on Devon Energy from $42.00 to $52.00 and gave the company a “buy” rating in a report on Thursday, October 7th. Royal Bank of Canada reissued a “hold” rating and set a $35.00 price objective on shares of Devon Energy in a report on Wednesday, July 7th. Finally, Raymond James reissued a “strong-buy” rating and set a $26.10 price objective (down from $40.00) on shares of Devon Energy in a report on Tuesday, July 27th. Three equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $32.18.

NYSE DVN traded up $0.35 on Thursday, reaching $39.34. The stock had a trading volume of 70,789 shares, compared to its average volume of 12,133,429. The firm has a fifty day moving average of $30.99 and a two-hundred day moving average of $27.75. The company has a market cap of $26.63 billion, a P/E ratio of 216.62, a price-to-earnings-growth ratio of 0.32 and a beta of 3.37. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.00 and a quick ratio of 1.00. Devon Energy Co. has a 1-year low of $7.73 and a 1-year high of $40.86.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 3rd. The energy company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.53 by $0.07. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.38 billion. Devon Energy had a return on equity of 11.95% and a net margin of 4.21%. Research analysts predict that Devon Energy Co. will post 2.78 EPS for the current fiscal year.

The business also recently declared a None dividend, which was paid on Thursday, September 30th. Stockholders of record on Monday, September 13th were paid a $0.49 dividend. The ex-dividend date was Friday, September 10th. This represents a dividend yield of 1.7%. Devon Energy’s payout ratio is -488.89%.

Devon Energy Company Profile

Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.

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Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

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