Verdence Capital Advisors LLC Buys New Position in Devon Energy Co. (NYSE:DVN)

Verdence Capital Advisors LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 9,395 shares of the energy company’s stock, valued at approximately $368,000.

Several other large investors have also bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock valued at $3,836,615,000 after purchasing an additional 2,559,039 shares during the last quarter. Pacer Advisors Inc. increased its stake in Devon Energy by 16.8% in the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock valued at $469,901,000 after buying an additional 1,428,776 shares during the last quarter. Raymond James & Associates lifted its position in shares of Devon Energy by 1.5% during the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after buying an additional 138,919 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Devon Energy by 16.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock worth $416,779,000 after buying an additional 1,255,543 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Devon Energy by 15.9% in the 2nd quarter. Thrivent Financial for Lutherans now owns 5,094,017 shares of the energy company’s stock worth $241,456,000 after buying an additional 699,743 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

DVN has been the subject of a number of research analyst reports. Truist Financial downgraded Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Benchmark reiterated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Mizuho cut their price target on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. TD Cowen decreased their price objective on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating for the company in a report on Tuesday, November 5th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $51.80.

Devon Energy Trading Up 0.2 %

Shares of DVN opened at $38.96 on Tuesday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The stock has a market cap of $25.59 billion, a PE ratio of 7.23, a P/E/G ratio of 1.21 and a beta of 2.03. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The business’s 50-day moving average price is $40.36 and its 200-day moving average price is $44.69.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the prior year, the firm posted $1.65 EPS. Devon Energy’s revenue was up 4.9% on a year-over-year basis. On average, equities analysts forecast that Devon Energy Co. will post 4.89 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.26%. Devon Energy’s dividend payout ratio (DPR) 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.