Devon Energy Co. (NYSE:DVN) Shares Bought by M&T Bank Corp

M&T Bank Corp grew its holdings in shares of Devon Energy Co. (NYSE:DVN) by 14.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 39,858 shares of the energy company’s stock after purchasing an additional 5,057 shares during the period. M&T Bank Corp’s holdings in Devon Energy were worth $1,304,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Assetmark Inc. raised its holdings in shares of Devon Energy by 7.6% during the fourth quarter. Assetmark Inc. now owns 8,983 shares of the energy company’s stock worth $294,000 after purchasing an additional 635 shares during the period. Victory Capital Management Inc. increased its holdings in shares of Devon Energy by 2.3% in the 4th quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock worth $333,971,000 after acquiring an additional 232,469 shares during the period. Keybank National Association OH increased its holdings in shares of Devon Energy by 19.2% in the 4th quarter. Keybank National Association OH now owns 12,641 shares of the energy company’s stock worth $414,000 after acquiring an additional 2,038 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Devon Energy by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 4,352,204 shares of the energy company’s stock worth $142,448,000 after acquiring an additional 470,484 shares during the period. Finally, State of Michigan Retirement System increased its holdings in shares of Devon Energy by 12.0% in the 4th quarter. State of Michigan Retirement System now owns 190,991 shares of the energy company’s stock worth $6,251,000 after acquiring an additional 20,500 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

NYSE DVN opened at $34.18 on Tuesday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The stock’s 50-day moving average is $35.29 and its two-hundred day moving average is $37.57. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The firm has a market cap of $22.18 billion, a P/E ratio of 7.49, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. On average, analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.81%. Devon Energy’s payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on DVN shares. Benchmark reaffirmed a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a report on Thursday, February 20th. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Truist Financial upped their price target on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research note on Thursday, February 20th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Finally, Williams Trading set a $50.00 price target on Devon Energy in a research report on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus target price of $48.58.

Devon Energy 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.