UniSuper Management Pty Ltd Buys 16,481 Shares of Devon Energy Co. (NYSE:DVN)

UniSuper Management Pty Ltd grew its stake in Devon Energy Co. (NYSE:DVN) by 29.5% in the fourth quarter, HoldingsChannel reports. The fund owned 72,350 shares of the energy company’s stock after acquiring an additional 16,481 shares during the period. UniSuper Management Pty Ltd’s holdings in Devon Energy were worth $2,368,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. bought a new position in Devon Energy in the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the third quarter worth $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy during the third quarter valued at $230,928,000. Vanguard Group Inc. boosted its holdings in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock valued at $2,640,727,000 after acquiring an additional 5,465,692 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Devon Energy in the fourth quarter worth about $154,170,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

DVN stock opened at $36.79 on Friday. The stock has a market cap of $23.87 billion, a PE ratio of 8.07, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The stock has a 50-day moving average price of $35.38 and a two-hundred day moving average price of $36.87. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Equities analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a yield of 2.61%. Devon Energy’s dividend payout ratio is presently 21.05%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on DVN. Citigroup cut their target price on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, March 17th. Piper Sandler raised their price objective on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research report on Tuesday, December 17th. Barclays raised their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 20th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a report on Friday, January 10th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $48.29.

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.