TCTC Holdings LLC Increases Stake in Devon Energy Corporation (NYSE:DVN)

TCTC Holdings LLC raised its position in Devon Energy Corporation (NYSE:DVN) by 211.2% during the first quarter, HoldingsChannel reports. The firm owned 17,301 shares of the energy company’s stock after purchasing an additional 11,742 shares during the period. TCTC Holdings LLC’s holdings in Devon Energy were worth $647,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its holdings in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after purchasing an additional 1,038,305 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company’s stock valued at $430,805,000 after purchasing an additional 1,315,050 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in shares of Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares during the last quarter. Invesco Ltd. increased its stake in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after acquiring an additional 2,335,473 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Devon Energy by 2.4% in the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company’s stock worth $204,914,000 after acquiring an additional 144,789 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $34.24 on Wednesday. The stock has a 50-day simple moving average of $32.82 and a 200-day simple moving average of $33.48. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The stock has a market capitalization of $21.98 billion, a PE ratio of 7.80, a PEG ratio of 1.93 and a beta of 1.02. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $47.44.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business’s quarterly revenue was up 23.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.16 EPS. On average, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.80%. The ex-dividend date was Friday, June 13th. Devon Energy’s payout ratio is presently 21.87%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Thursday, May 15th. Tudor, Pickering, Holt & Co. raised their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Bernstein Bank cut their target price on Devon Energy from $45.00 to $43.00 and set an “outperform” rating for the company in a research note on Monday, July 7th. Scotiabank reaffirmed an “outperform” rating on shares of Devon Energy in a research note on Friday, July 11th. Finally, Royal Bank Of Canada cut their target price on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. Eleven research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.85.

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.