Olympiad Research LP Grows Position in Devon Energy Co. (NYSE:DVN)

Olympiad Research LP grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 80.0% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 20,215 shares of the energy company’s stock after purchasing an additional 8,983 shares during the period. Olympiad Research LP’s holdings in Devon Energy were worth $791,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Devon Energy by 3.5% during the first quarter. Vanguard Group Inc. now owns 76,457,056 shares of the energy company’s stock worth $3,836,615,000 after buying an additional 2,559,039 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Devon Energy by 16.8% during the 2nd quarter. Pacer Advisors Inc. now owns 9,913,516 shares of the energy company’s stock worth $469,901,000 after acquiring an additional 1,428,776 shares in the last quarter. Raymond James & Associates grew its holdings in shares of Devon Energy by 1.5% in the 2nd quarter. Raymond James & Associates now owns 9,183,778 shares of the energy company’s stock worth $435,311,000 after acquiring an additional 138,919 shares during the period. Dimensional Fund Advisors LP increased its stake in 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 valued at $416,779,000 after purchasing an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its stake in 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 valued at $241,456,000 after purchasing an additional 699,743 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $40.01 on Thursday. Devon Energy Co. has a twelve month low of $37.76 and a twelve month high of $55.09. The stock has a market capitalization of $25.05 billion, a P/E ratio of 7.26, a PEG ratio of 1.20 and a beta of 2.03. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The business’s fifty day moving average price is $40.72 and its 200 day moving average price is $45.03.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same quarter last year, the firm earned $1.65 earnings per share. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, research analysts anticipate that Devon Energy Co. will post 4.93 earnings per share for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 15.97%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Piper Sandler dropped their price objective on Devon Energy from $57.00 to $56.00 and set an “overweight” rating for the company in a research note on Tuesday, October 15th. Jefferies Financial Group assumed coverage on Devon Energy in a research note on Thursday, October 3rd. They issued a “hold” rating and a $45.00 price objective for the company. UBS Group dropped their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday, September 18th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 price objective on shares of Devon Energy in a research note on Tuesday, September 3rd. Finally, Mizuho lowered their target price on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a report on Wednesday, October 9th. Eleven analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $51.85.

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.