Grantham Mayo Van Otterloo & Co. LLC Has $12.26 Million Stake in Devon Energy Corporation $DVN

Grantham Mayo Van Otterloo & Co. LLC raised its position in Devon Energy Corporation (NYSE:DVN) by 21.5% in the third quarter, HoldingsChannel.com reports. The fund owned 349,679 shares of the energy company’s stock after purchasing an additional 61,789 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Devon Energy were worth $12,260,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of DVN. PFS Partners LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth about $25,000. First Horizon Corp acquired a new stake in Devon Energy in the 3rd quarter valued at about $26,000. Caldwell Trust Co acquired a new stake in Devon Energy in the 2nd quarter valued at about $25,000. Ameriflex Group Inc. grew its holdings in Devon Energy by 702.0% during the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company’s stock worth $28,000 after purchasing an additional 702 shares during the period. Finally, Accredited Wealth Management LLC grew its holdings in Devon Energy by 61.6% during the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company’s stock worth $28,000 after purchasing an additional 308 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Up 0.6%

Shares of DVN stock opened at $44.77 on Tuesday. Devon Energy Corporation has a 12-month low of $25.89 and a 12-month high of $46.15. The company has a market capitalization of $27.76 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 4.50 and a beta of 0.56. The firm has a 50 day moving average price of $40.62 and a two-hundred day moving average price of $36.97. The company has a quick ratio of 0.90, a current ratio of 0.98 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 EPS for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $17.19 billion for the quarter, compared to the consensus estimate of $3.67 billion. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.10 earnings per share. As a group, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, March 13th. Devon Energy’s dividend payout ratio is currently 23.02%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on DVN. Citigroup upped their price objective on Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, December 17th. Wells Fargo & Company lifted their target price on Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Friday, February 20th. Roth Mkm reissued a “buy” rating and set a $50.00 target price on shares of Devon Energy in a report on Thursday, February 19th. Argus increased their price target on Devon Energy from $41.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Piper Sandler raised their price target on Devon Energy from $55.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, March 5th. Twenty-three analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $48.54.

Devon Energy Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.