Wilmington Savings Fund Society FSB Makes New $1.58 Million Investment in Devon Energy Co. (NYSE:DVN)

Wilmington Savings Fund Society FSB acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 40,274 shares of the energy company’s stock, valued at approximately $1,576,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DVN. Geode Capital Management LLC lifted its position in Devon Energy by 1.3% during the third quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company’s stock valued at $619,747,000 after purchasing an additional 206,884 shares during the last quarter. EnCap Energy Capital Fund XI L.P. purchased a new stake in shares of Devon Energy during the 3rd quarter valued at about $461,857,000. Pacer Advisors Inc. lifted its holdings in shares of Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. EnCap Partners GP LLC purchased a new position in Devon Energy in the third quarter worth about $408,653,000. Finally, Victory Capital Management Inc. increased its stake in Devon Energy by 3.8% during the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company’s stock worth $390,079,000 after acquiring an additional 361,968 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the company. 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. Barclays dropped their price objective on shares of Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Wells Fargo & Company reduced their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Thursday, November 7th. Morgan Stanley dropped their price target on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Finally, Mizuho reduced their price objective on shares of Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $50.75.

Devon Energy Stock Performance

DVN stock opened at $33.88 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $33.39 and a 1-year high of $55.09. The business has a 50-day moving average price of $38.75 and a 200 day moving average price of $42.57. The company has a market capitalization of $22.26 billion, a P/E ratio of 6.29, a PEG ratio of 1.10 and a beta of 1.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter in the previous year, the business posted $1.65 EPS. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. As a group, equities research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a dividend of $0.22 per share. The ex-dividend date is Friday, December 13th. This represents a $0.88 annualized dividend and a yield of 2.60%. 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.