Glenmede Trust Co. NA Raises Holdings in Devon Energy Co. (NYSE:DVN)

Glenmede Trust Co. NA grew its stake in Devon Energy Co. (NYSE:DVN) by 121.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 35,654 shares of the energy company’s stock after acquiring an additional 19,589 shares during the period. Glenmede Trust Co. NA’s holdings in Devon Energy were worth $1,395,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in DVN. Triad Wealth Partners LLC acquired a new position in Devon Energy during the second quarter worth $27,000. 1620 Investment Advisors Inc. acquired a new position in Devon Energy during the 2nd quarter worth about $34,000. PSI Advisors LLC boosted its holdings in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after acquiring an additional 300 shares during the period. Capital Performance Advisors LLP acquired a new position in Devon Energy in the 3rd quarter valued at about $35,000. Finally, Versant Capital Management Inc increased its stake in Devon Energy by 30.4% during the second quarter. Versant Capital Management Inc now owns 970 shares of the energy company’s stock worth $46,000 after purchasing an additional 226 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on DVN shares. Wells Fargo & Company dropped their price objective on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Thursday, November 7th. Mizuho cut their price objective on Devon Energy from $53.00 to $51.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 9th. Susquehanna decreased their target price on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a report on Friday, October 18th. JPMorgan Chase & Co. cut their price target on Devon Energy from $64.00 to $51.00 and set an “overweight” rating on the stock in a report on Thursday, September 12th. Finally, Truist Financial lowered Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Hold” and an average price target of $51.15.

Devon Energy Price Performance

Shares of DVN opened at $37.95 on Monday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 1-year low of $37.28 and a 1-year high of $55.09. The stock has a market cap of $24.93 billion, a PE ratio of 7.04, a price-to-earnings-growth ratio of 1.20 and a beta of 2.03. The firm has a fifty day moving average price of $39.68 and a 200 day moving average price of $43.52.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.65 EPS. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s payout ratio is currently 16.33%.

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.