Devon Energy Co. (NYSE:DVN) Shares Purchased by OLD National Bancorp IN

OLD National Bancorp IN grew its position in shares of Devon Energy Co. (NYSE:DVN) by 5.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,288 shares of the energy company’s stock after purchasing an additional 491 shares during the period. OLD National Bancorp IN’s holdings in Devon Energy were worth $363,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of DVN. Triad Wealth Partners LLC acquired a new position in Devon Energy during the 2nd quarter worth about $27,000. Tradewinds Capital Management LLC acquired a new stake in shares of Devon Energy during the first quarter worth about $30,000. 1620 Investment Advisors Inc. purchased a new position in shares of Devon Energy in the second quarter valued at approximately $34,000. PSI Advisors LLC grew its holdings in shares of Devon Energy by 66.7% in the second quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Devon Energy during the 1st quarter worth approximately $39,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Up 0.2 %

Shares of NYSE DVN opened at $40.17 on Wednesday. The stock has a market cap of $25.39 billion, a PE ratio of 7.67, a price-to-earnings-growth ratio of 1.27 and a beta of 2.02. Devon Energy Co. has a 52-week low of $37.76 and a 52-week high of $55.09. The business has a 50-day moving average price of $42.05 and a 200 day moving average price of $46.14. The company has a quick ratio of 1.03, a current ratio of 1.11 and a debt-to-equity ratio of 0.45.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a net margin of 22.60% and a return on equity of 29.14%. The business had revenue of $3.92 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same period last year, the firm posted $1.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Co. will post 5.01 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.19%. Devon Energy’s dividend payout ratio (DPR) is 16.79%.

Wall Street Analyst Weigh In

Several brokerages have commented on DVN. Truist Financial decreased their price target on shares of Devon Energy from $60.00 to $49.00 and set a “buy” rating for the company in a research report on Monday, September 30th. Susquehanna cut their price target on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a report on Friday, October 18th. Scotiabank reduced their price target on Devon Energy from $60.00 to $48.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Sanford C. Bernstein lowered their price objective on Devon Energy from $48.00 to $43.00 and set a “market perform” rating for the company in a research report on Wednesday, July 17th. Finally, Wells Fargo & Company reaffirmed a “sector outperform” rating on shares of Devon Energy in a report on Friday. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $52.53.

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.