Pacer Advisors Inc. Has $469.90 Million Position in Devon Energy Co. (NYSE:DVN)

Pacer Advisors Inc. raised its holdings in Devon Energy Co. (NYSE:DVN) by 16.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,913,516 shares of the energy company’s stock after acquiring an additional 1,428,776 shares during the quarter. Devon Energy comprises approximately 1.1% of Pacer Advisors Inc.’s holdings, making the stock its 12th largest position. Pacer Advisors Inc. owned about 1.57% of Devon Energy worth $469,901,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC bought a new stake in Devon Energy in the second quarter worth $27,000. Tradewinds Capital Management LLC bought a new stake in Devon Energy during the first quarter worth approximately $30,000. Jones Financial Companies Lllp boosted its position in Devon Energy by 104.8% during the fourth quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock worth $33,000 after purchasing an additional 374 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the second quarter valued at approximately $34,000. Finally, PSI Advisors LLC raised its position in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares during the period. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. BMO Capital Markets upgraded shares of Devon Energy to a “strong-buy” rating in a research note on Wednesday, July 3rd. StockNews.com downgraded Devon Energy from a “buy” rating to a “hold” rating in a research report on Monday, September 2nd. Wolfe Research started coverage on Devon Energy in a report on Thursday, July 18th. They issued a “peer perform” rating on the stock. Susquehanna cut their price target on Devon Energy from $65.00 to $63.00 and set a “positive” rating for the company in a report on Wednesday, September 4th. Finally, Truist Financial dropped their target price on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Stock Performance

NYSE:DVN opened at $40.78 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45. The firm has a 50-day moving average price of $44.17 and a 200 day moving average price of $47.30. The firm has a market capitalization of $25.77 billion, a PE ratio of 7.78, a price-to-earnings-growth ratio of 1.13 and a beta of 2.03. Devon Energy Co. has a 12-month low of $39.02 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion during the quarter, compared to the consensus estimate of $3.90 billion. During the same quarter last year, the company earned $1.18 EPS. Devon Energy’s revenue was up 13.4% on a year-over-year basis. Research analysts anticipate that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 13th will be paid a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.16%. Devon Energy’s dividend payout ratio is presently 16.79%.

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.