Equitable Trust Co. Purchases 379 Shares of Devon Energy Co. (NYSE:DVN)

Equitable Trust Co. grew its position in shares of Devon Energy Co. (NYSE:DVN) by 6.4% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,328 shares of the energy company’s stock after buying an additional 379 shares during the quarter. Equitable Trust Co.’s holdings in Devon Energy were worth $248,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Devon Energy by 3.5% during the 1st 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. lifted its stake in Devon Energy by 16.8% in the second 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 during the period. Raymond James & Associates lifted its stake in Devon Energy by 1.5% in the second 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 boosted its holdings in Devon Energy by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 8,793,217 shares of the energy company’s stock valued at $416,779,000 after acquiring an additional 1,255,543 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position in Devon Energy by 15.9% during 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 during the period. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on DVN. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research report on Tuesday, September 3rd. TD Cowen lowered 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. BMO Capital Markets reduced their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Benchmark restated a “hold” rating on shares of Devon Energy in a research note on Tuesday, October 15th. Finally, Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the stock from $49.00 to $43.00 in a research note on Thursday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $51.80.

Devon Energy Price Performance

NYSE DVN opened at $38.87 on Monday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.03 and a current ratio of 1.11. The company has a market capitalization of $25.53 billion, a price-to-earnings ratio of 7.21, a PEG ratio of 1.23 and a beta of 2.03. The stock has a 50-day moving average of $40.48 and a 200 day moving average of $44.79. Devon Energy Co. has a one year low of $37.76 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share 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 firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the company earned $1.65 earnings per share. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. On average, sell-side analysts forecast that Devon Energy Co. will post 4.93 EPS for the current year.

Devon Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid 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 currently 16.33%.

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.