Victory Capital Management Inc. Grows Position in Devon Energy Corporation $DVN

Victory Capital Management Inc. grew its stake in shares of Devon Energy Corporation (NYSE:DVN) by 17.5% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 13,916,979 shares of the energy company’s stock after acquiring an additional 2,071,021 shares during the quarter. Victory Capital Management Inc.’s holdings in Devon Energy were worth $509,779,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Ameriflex Group Inc. increased its position 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 buying an additional 702 shares in the last quarter. Accredited Wealth Management LLC increased its position 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 buying an additional 308 shares in the last quarter. Olistico Wealth LLC purchased a new position in Devon Energy during the fourth quarter worth $31,000. Elyxium Wealth LLC purchased a new position in Devon Energy during the fourth quarter worth $31,000. Finally, Neo Ivy Capital Management purchased a new position in Devon Energy during the third quarter worth $31,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $45.26 on Friday. The stock has a 50-day moving average price of $47.04 and a two-hundred day moving average price of $43.09. The company has a market cap of $28.13 billion, a PE ratio of 12.61 and a beta of 0.37. Devon Energy Corporation has a 12-month low of $31.45 and a 12-month high of $52.71. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, May 5th. The energy company reported $1.04 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.02). Devon Energy had a return on equity of 15.22% and a net margin of 13.71%.The company had revenue of $3.81 billion during the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the previous year, the company earned $0.82 EPS. Devon Energy’s quarterly revenue was down 14.5% on a year-over-year basis. As a group, research analysts predict that Devon Energy Corporation will post 4.72 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be given a $0.32 dividend. The ex-dividend date of this dividend is Monday, June 15th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.24. This represents a $1.28 annualized dividend and a dividend yield of 2.8%. Devon Energy’s dividend payout ratio (DPR) is currently 26.74%.

Insider Transactions at Devon Energy

In other news, EVP Jeffrey L. Ritenour sold 70,029 shares of the company’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $46.66, for a total value of $3,267,553.14. Following the completion of the sale, the executive vice president owned 428,452 shares of the company’s stock, valued at $19,991,570.32. This represents a 14.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Andrea Alexander sold 18,000 shares of the company’s stock in a transaction dated Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total value of $841,320.00. Following the completion of the sale, the senior vice president directly owned 138,529 shares of the company’s stock, valued at $6,474,845.46. The trade was a 11.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 112,371 shares of company stock valued at $5,258,059 over the last quarter. Company insiders own 4.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DVN. Royal Bank Of Canada raised their price target on Devon Energy from $46.00 to $59.00 and gave the stock a “sector perform” rating in a research report on Wednesday, April 8th. Wells Fargo & Company lifted their price objective on Devon Energy from $66.00 to $68.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Wall Street Zen raised Devon Energy from a “hold” rating to a “buy” rating in a research report on Saturday. Truist Financial lifted their price objective on Devon Energy from $63.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Finally, TD Cowen lifted their price objective on Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $58.67.

Devon Energy Company 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.