Vanguard Group Inc. Purchases 5,465,692 Shares of Devon Energy Co. (NYSE:DVN)

Vanguard Group Inc. boosted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 7.3% during the 4th quarter, Holdings Channel reports. The fund owned 80,682,170 shares of the energy company’s stock after buying an additional 5,465,692 shares during the period. Vanguard Group Inc. owned about 0.12% of Devon Energy worth $2,640,727,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. Legacy Investment Solutions LLC purchased a new position in Devon Energy during the third quarter valued at approximately $8,002,000. Bridgewater Associates LP bought a new stake in Devon Energy during the 3rd quarter valued at $9,426,000. Petrus Trust Company LTA increased its holdings in shares of Devon Energy by 394.7% in the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares during the period. Klein Pavlis & Peasley Financial Inc. purchased a new stake in shares of Devon Energy during the 4th quarter worth $782,000. Finally, Fortem Financial Group LLC bought a new stake in Devon Energy during the third quarter valued at about $583,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Devon Energy stock opened at $36.96 on Wednesday. The business’s 50-day moving average price is $35.46 and its 200 day moving average price is $36.92. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The firm has a market cap of $23.99 billion, a price-to-earnings ratio of 8.11, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. The ex-dividend date is Friday, March 14th. Devon Energy’s dividend payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

Several analysts have commented on DVN shares. Citigroup decreased their price target on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research report on Monday, March 17th. Wells Fargo & Company lowered 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 note on Tuesday, December 17th. JPMorgan Chase & Co. reduced their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 13th. Raymond James lowered their price objective on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Finally, Barclays upped their target price on Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus target price of $48.46.

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.