Credit Suisse AG Purchases 27,944 Shares of Devon Energy Co. (NYSE:DVN)

by · The Cerbat Gem

Credit Suisse AG raised its holdings in shares of Devon Energy Co. (NYSE:DVN – Free Report) by 4.2% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 698,073 shares of the energy company’s stock after acquiring an additional 27,944 shares during the quarter. Credit Suisse AG owned approximately 0.11% of Devon Energy worth $33,745,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Geode Capital Management LLC boosted its holdings in shares of Devon Energy by 0.6% during the 2nd quarter. Geode Capital Management LLC now owns 14,229,808 shares of the energy company’s stock valued at $686,953,000 after purchasing an additional 84,769 shares during the last quarter. Morgan Stanley raised its holdings in shares of Devon Energy by 3.3% during the 4th quarter. Morgan Stanley now owns 11,263,424 shares of the energy company’s stock worth $692,813,000 after acquiring an additional 356,448 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Devon Energy by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 8,321,000 shares of the energy company’s stock valued at $421,126,000 after acquiring an additional 1,003,951 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Devon Energy by 15.0% in the second quarter. Victory Capital Management Inc. now owns 8,059,219 shares of the energy company’s stock valued at $389,583,000 after purchasing an additional 1,049,592 shares in the last quarter. Finally, Raymond James & Associates raised its stake in Devon Energy by 4.6% during the second quarter. Raymond James & Associates now owns 8,027,615 shares of the energy company’s stock valued at $388,055,000 after purchasing an additional 350,916 shares in the last quarter. Hedge funds and other institutional investors own 68.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Truist Financial reduced their target price on shares of Devon Energy from $68.00 to $65.00 and set a “buy” rating on the stock in a report on Thursday, November 9th. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $60.00 to $59.00 in a research report on Wednesday, October 11th. UBS Group dropped their target price on Devon Energy from $54.00 to $52.00 and set a “neutral” rating for the company in a report on Tuesday, November 14th. Wells Fargo & Company cut their target price on Devon Energy from $50.00 to $48.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 22nd. Finally, Royal Bank of Canada lowered their price target on Devon Energy from $60.00 to $55.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 15th. Seven research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

Get Our Latest Stock Analysis on DVN

Devon Energy Trading Up 0.4 %

NYSE DVN opened at $45.17 on Friday. The stock has a market cap of $28.94 billion, a PE ratio of 7.72, a PEG ratio of 0.15 and a beta of 2.21. Devon Energy Co. has a 12 month low of $42.59 and a 12 month high of $70.42. The company’s 50-day moving average price is $46.33 and its 200-day moving average price is $48.62. The company has a current ratio of 0.96, a quick ratio of 0.89 and a debt-to-equity ratio of 0.48.

Devon Energy (NYSE:DVN – Get Free Report) last issued its earnings results on Tuesday, November 7th. The energy company reported $1.65 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.09. Devon Energy had a net margin of 24.63% and a return on equity of 33.97%. The business had revenue of $3.84 billion for the quarter, compared to the consensus estimate of $4.03 billion. Equities research analysts forecast that Devon Energy Co. will post 5.88 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Shareholders of record on Friday, December 15th will be issued a dividend of $0.77 per share. This is an increase from Devon Energy’s previous quarterly dividend of $0.49. This represents a $3.08 annualized dividend and a yield of 6.82%. The ex-dividend date is Thursday, December 14th. Devon Energy’s dividend payout ratio (DPR) is presently 13.68%.

Devon Energy Profile

(Free Report)

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.

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