Principal Financial Group Inc. Acquires 7,487 Shares of Devon Energy Co. (NYSE:DVN)

Principal Financial Group Inc. grew its holdings in Devon Energy Co. (NYSE:DVN) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 731,978 shares of the energy company’s stock after purchasing an additional 7,487 shares during the quarter. Principal Financial Group Inc. owned about 0.11% of Devon Energy worth $28,635,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in DVN. William B. Walkup & Associates Inc. bought a new position in shares of Devon Energy during the 2nd quarter worth approximately $1,026,000. Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy during the 3rd quarter valued at $8,002,000. Bridgewater Associates LP bought a new position in Devon Energy during the third quarter worth $9,426,000. Petrus Trust Company LTA grew its holdings in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after purchasing an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc increased its stake in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock valued at $4,193,000 after purchasing an additional 6,358 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on DVN shares. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a research report on Wednesday. UBS Group reduced their price target on shares of Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research report on Wednesday, September 18th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. Evercore ISI reduced their price objective on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating for the company in a report on Monday, September 30th. Finally, Susquehanna lowered their target price on shares of Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Twelve investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $50.05.

Devon Energy Stock Performance

Shares of DVN opened at $31.24 on Wednesday. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. The stock’s fifty day moving average price is $37.21 and its two-hundred day moving average price is $41.76. The firm has a market cap of $20.52 billion, a PE ratio of 5.80, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.65 EPS. On average, equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current 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 paid a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.82%. Devon Energy’s dividend payout ratio is 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.