OLD National Bancorp IN Acquires 2,925 Shares of Devon Energy Co. (NYSE:DVN)

OLD National Bancorp IN lifted its holdings in Devon Energy Co. (NYSE:DVN) by 65.9% during the fourth quarter, HoldingsChannel reports. The firm owned 7,362 shares of the energy company’s stock after purchasing an additional 2,925 shares during the period. OLD National Bancorp IN’s holdings in Devon Energy were worth $333,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in DVN. Morgan Stanley increased its stake in Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after acquiring an additional 2,220,194 shares during the period. Victory Capital Management Inc. increased its stake in Devon Energy by 5.1% during the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after acquiring an additional 411,777 shares during the period. Raymond James & Associates increased its stake in Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares during the period. Northern Trust Corp increased its stake in Devon Energy by 1.2% during the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock valued at $323,145,000 after acquiring an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. increased its stake in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

DVN stock opened at $52.62 on Friday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.07 and a quick ratio of 0.99. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The company has a 50 day moving average price of $48.70 and a 200 day moving average price of $46.13. The stock has a market capitalization of $33.41 billion, a PE ratio of 9.02 and a beta of 2.19.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the prior year, the company earned $1.66 EPS. The firm’s quarterly revenue was down 3.6% on a year-over-year basis. Analysts forecast that Devon Energy Co. will post 5.25 EPS for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 14th. Devon Energy’s dividend payout ratio is currently 15.09%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Stifel Nicolaus boosted their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday. Scotiabank lifted their price objective on Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a report on Thursday, April 11th. Susquehanna lifted their price objective on Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a report on Monday. Finally, Mizuho decreased their price objective on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a report on Thursday, January 11th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Company 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.