Victory Capital Management Inc. Acquires 1,315,050 Shares of Devon Energy Corporation (NYSE:DVN)

Victory Capital Management Inc. increased its stake in Devon Energy Corporation (NYSE:DVN) by 12.9% during the first quarter, Holdings Channel.com reports. The institutional investor owned 11,518,862 shares of the energy company’s stock after buying an additional 1,315,050 shares during the period. Victory Capital Management Inc.’s holdings in Devon Energy were worth $430,805,000 as of its most recent filing with the SEC.

Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after acquiring an additional 5,465,692 shares during the period. Geode Capital Management LLC grew its position in shares of Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company’s stock valued at $552,830,000 after acquiring an additional 1,038,305 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of Devon Energy by 42.8% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after purchasing an additional 3,114,656 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the period. Finally, Northern Trust Corp raised its holdings in shares of Devon Energy by 2.4% in the 4th quarter. Northern Trust Corp now owns 6,260,735 shares of the energy company’s stock worth $204,914,000 after purchasing an additional 144,789 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Trading Down 2.9%

NYSE DVN opened at $32.24 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The stock’s 50-day simple moving average is $32.77 and its two-hundred day simple moving average is $33.55. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $49.35. The company has a market capitalization of $20.70 billion, a price-to-earnings ratio of 7.34, a PEG ratio of 2.50 and a beta of 1.02.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analysts’ expectations of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The business’s quarterly revenue was up 23.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.16 earnings per share. Research analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

Wall Street Analyst Weigh In

DVN has been the subject of several research reports. Scotiabank reissued an “outperform” rating on shares of Devon Energy in a report on Friday. JPMorgan Chase & Co. upped their price target on Devon Energy from $40.00 to $42.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Wall Street Zen raised Devon Energy from a “sell” rating to a “hold” rating in a report on Thursday, May 15th. Morgan Stanley reissued an “overweight” rating and issued a $46.00 price target (up previously from $44.00) on shares of Devon Energy in a research report on Tuesday. Finally, Wells Fargo & Company lifted their price target on Devon Energy from $41.00 to $42.00 and gave the company an “overweight” rating in a research report on Thursday, July 3rd. Eleven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $43.48.

Devon Energy Company 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.