M&G PLC Buys 23,372 Shares of Devon Energy Corporation $DVN

M&G PLC raised its stake in shares of Devon Energy Corporation (NYSE:DVN) by 16.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 163,911 shares of the energy company’s stock after buying an additional 23,372 shares during the quarter. M&G PLC’s holdings in Devon Energy were worth $5,245,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of DVN. Banque Cantonale Vaudoise bought a new stake in Devon Energy in the first quarter valued at approximately $26,000. Opal Wealth Advisors LLC acquired a new position in shares of Devon Energy in the 2nd quarter valued at $25,000. Trust Co. of Vermont grew its holdings in shares of Devon Energy by 241.3% in the 2nd quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock valued at $30,000 after buying an additional 666 shares during the period. SouthState Corp increased its position in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after buying an additional 771 shares in the last quarter. Finally, Stone House Investment Management LLC acquired a new stake in Devon Energy during the 1st quarter worth $39,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Royal Bank Of Canada set a $42.00 target price on Devon Energy and gave the stock a “sector perform” rating in a research note on Friday, October 10th. Morgan Stanley reduced their price target on shares of Devon Energy from $49.00 to $47.00 and set an “overweight” rating for the company in a report on Tuesday, October 14th. Barclays dropped their price objective on shares of Devon Energy from $42.00 to $40.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 7th. Raymond James Financial reaffirmed an “outperform” rating and issued a $45.00 target price (up from $40.00) on shares of Devon Energy in a research note on Tuesday, July 22nd. Finally, William Blair started coverage on Devon Energy in a research note on Monday, August 25th. They issued an “outperform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $43.07.

Devon Energy Trading Up 0.0%

Shares of Devon Energy stock opened at $35.16 on Thursday. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $39.74. The firm has a 50-day moving average of $33.91 and a 200-day moving average of $33.33. The stock has a market cap of $22.06 billion, a PE ratio of 7.88, a PEG ratio of 2.49 and a beta of 1.01. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.22.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.11. The business had revenue of $0.00 million during the quarter, compared to analysts’ expectations of $4.10 billion. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.During the same period in the previous year, the company posted $1.10 earnings per share. As a group, sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 2.7%. The ex-dividend date is Monday, December 15th. Devon Energy’s payout ratio is currently 22.59%.

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.