Voya Investment Management LLC Has $80.96 Million Stock Position in Devon Energy Co. (NYSE:DVN)

Voya Investment Management LLC lessened its holdings in shares of Devon Energy Co. (NYSE:DVN) by 30.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,473,529 shares of the energy company’s stock after selling 1,072,517 shares during the period. Voya Investment Management LLC’s holdings in Devon Energy were worth $80,959,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after buying an additional 5,465,692 shares during the period. Geode Capital Management LLC raised its position in shares of Devon Energy by 6.5% during the fourth quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock worth $552,830,000 after acquiring an additional 1,038,305 shares during the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Devon Energy by 42.8% in the fourth 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 period. Victory Capital Management Inc. boosted its holdings in Devon Energy by 2.3% in the fourth quarter. Victory Capital Management Inc. now owns 10,203,812 shares of the energy company’s stock valued at $333,971,000 after acquiring an additional 232,469 shares during the last quarter. Finally, Invesco Ltd. increased its position in Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after purchasing an additional 2,335,473 shares during the period. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on DVN. Citigroup reduced their price objective on shares of Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Scotiabank cut their price target on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a research report on Friday, April 11th. JPMorgan Chase & Co. decreased their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a report on Thursday, March 13th. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Finally, Morgan Stanley set a $47.00 target price on Devon Energy and gave the stock an “overweight” rating in a research note on Wednesday, March 26th. Ten investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $44.83.

Devon Energy Price Performance

DVN stock opened at $31.47 on Friday. The company has a market capitalization of $20.42 billion, a P/E ratio of 6.90, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $53.20. The business has a 50-day simple moving average of $33.63 and a two-hundred day simple moving average of $35.53. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

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 the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Research analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 3.05%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

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.