Virginia Retirement Systems ET AL grew its stake in shares of Devon Energy Co. (NYSE:DVN) by 24.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 801,000 shares of the energy company’s stock after acquiring an additional 159,600 shares during the quarter. Virginia Retirement Systems ET AL owned about 0.12% of Devon Energy worth $23,381,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. Greenleaf Trust raised its position in Devon Energy by 1.7% in the second quarter. Greenleaf Trust now owns 22,406 shares of the energy company’s stock valued at $654,000 after purchasing an additional 366 shares during the last quarter. Meeder Asset Management Inc. grew its stake in Devon Energy by 0.8% during the second quarter. Meeder Asset Management Inc. now owns 57,925 shares of the energy company’s stock worth $1,691,000 after purchasing an additional 469 shares during the period. Resonant Capital Advisors LLC grew its stake in Devon Energy by 2.2% during the second quarter. Resonant Capital Advisors LLC now owns 22,876 shares of the energy company’s stock worth $668,000 after purchasing an additional 485 shares during the period. Parallel Advisors LLC boosted its holdings in Devon Energy by 4.4% in the second quarter. Parallel Advisors LLC now owns 11,743 shares of the energy company’s stock worth $343,000 after acquiring an additional 495 shares in the last quarter. Finally, Eqis Capital Management Inc. lifted its holdings in shares of Devon Energy by 2.8% in the second quarter. Eqis Capital Management Inc. now owns 21,686 shares of the energy company’s stock valued at $633,000 after purchasing an additional 583 shares in the last quarter. Hedge funds and other institutional investors own 86.42% of the company’s stock.
DVN has been the topic of a number of recent research reports. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and raised their target price for the company from $27.00 to $37.00 in a report on Monday, June 21st. Piper Sandler lifted their price target on Devon Energy from $34.00 to $37.00 and gave the stock an “overweight” rating in a report on Thursday, July 22nd. Truist Securities lifted their price target on Devon Energy from $42.00 to $52.00 and gave the stock a “buy” rating in a report on Thursday, October 7th. Royal Bank of Canada reiterated a “hold” rating and set a $35.00 price target on shares of Devon Energy in a report on Wednesday, July 7th. Finally, Wells Fargo & Company lifted their price target on Devon Energy from $39.00 to $42.00 and gave the stock an “overweight” rating in a report on Wednesday, October 6th. Three research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $32.18.
Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 3rd. The energy company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.07. Devon Energy had a return on equity of 11.95% and a net margin of 4.21%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.38 billion. As a group, analysts forecast that Devon Energy Co. will post 2.78 EPS for the current year.
The company also recently declared a None dividend, which was paid on Thursday, September 30th. Stockholders of record on Monday, September 13th were issued a dividend of $0.49 per share. The ex-dividend date of this dividend was Friday, September 10th. This represents a dividend yield of 1.7%. Devon Energy’s payout ratio is -488.89%.
Devon Energy Profile
Devon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Baarnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
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