Ensign Peak Advisors Inc Boosts Holdings in Devon Energy Co. (NYSE:DVN)

Ensign Peak Advisors Inc grew its stake in Devon Energy Co. (NYSE:DVN) by 208.3% during the 4th quarter, Holdings Channel reports. The firm owned 283,882 shares of the energy company’s stock after purchasing an additional 191,788 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Devon Energy were worth $9,291,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Redwood Wealth Management Group LLC lifted its stake in Devon Energy by 3.9% in the 4th quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after buying an additional 309 shares in the last quarter. Cornerstone Wealth Management LLC raised its holdings in shares of Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after acquiring an additional 326 shares during the last quarter. Annex Advisory Services LLC lifted its position in shares of Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company’s stock valued at $884,000 after acquiring an additional 327 shares in the last quarter. Independence Bank of Kentucky boosted its stake in shares of Devon Energy by 7.8% in the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company’s stock worth $150,000 after acquiring an additional 330 shares during the last quarter. Finally, Covestor Ltd increased its position in shares of Devon Energy by 15.9% during the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock worth $83,000 after purchasing an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analysts Set New Price Targets

DVN has been the topic of a number of research reports. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. UBS Group reduced their target price on shares of Devon Energy from $41.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Benchmark restated a “buy” rating and set a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Barclays upped their price objective on shares of Devon Energy from $38.00 to $40.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 7th. Finally, Susquehanna decreased their target price on shares of Devon Energy from $52.00 to $41.00 and set a “positive” rating on the stock in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $43.96.

Devon Energy Stock Up 3.1%

Shares of NYSE:DVN opened at $33.52 on Tuesday. The company has a market capitalization of $21.57 billion, a price-to-earnings ratio of 7.35, a PEG ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $50.44. The business has a 50-day moving average price of $32.55 and a 200 day moving average price of $34.65. 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 released its quarterly earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.45 billion during the quarter, compared to analysts’ expectations of $4.31 billion. During the same period last year, the firm posted $1.16 earnings per share. Devon Energy’s revenue was up 23.8% on a year-over-year basis. Sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date of this dividend is Friday, June 13th. Devon Energy’s payout ratio is 21.87%.

Devon Energy Profile

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.