Thrivent Financial for Lutherans Purchases 554,219 Shares of Devon Energy Co. (NYSE:DVN)

Thrivent Financial for Lutherans increased its position in shares of Devon Energy Co. (NYSE:DVN) by 10.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,694,373 shares of the energy company’s stock after buying an additional 554,219 shares during the period. Thrivent Financial for Lutherans’ holdings in Devon Energy were worth $186,714,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Tejara Capital Ltd acquired a new stake in Devon Energy during the 4th quarter worth about $1,067,000. Tocqueville Asset Management L.P. boosted its position in shares of Devon Energy by 3.0% during the 4th quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company’s stock valued at $401,000 after purchasing an additional 359 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its position in shares of Devon Energy by 6.5% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 26,581 shares of the energy company’s stock valued at $870,000 after purchasing an additional 1,626 shares in the last quarter. Signaturefd LLC grew its stake in Devon Energy by 12.2% during the fourth quarter. Signaturefd LLC now owns 18,001 shares of the energy company’s stock worth $589,000 after purchasing an additional 1,958 shares during the period. Finally, Cibc World Markets Corp increased its holdings in Devon Energy by 20.1% in the fourth quarter. Cibc World Markets Corp now owns 102,204 shares of the energy company’s stock worth $3,345,000 after purchasing an additional 17,135 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on DVN shares. Truist Financial increased their price target on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Susquehanna increased their target price on shares of Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research note on Thursday, February 20th. Wells Fargo & Company reduced their price target on shares of Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Cowen lowered shares of Devon Energy to a “hold” rating and dropped their price objective for the company from $46.00 to $45.00 in a report on Tuesday, February 18th. Finally, Williams Trading set a $50.00 target price on Devon Energy in a research note on Wednesday, March 5th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

Devon Energy Stock Up 1.7 %

DVN opened at $35.13 on Tuesday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a market capitalization of $22.80 billion, a P/E ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.91. The company’s 50-day moving average is $35.41 and its 200 day moving average is $37.20. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. Research analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.24 per share. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

About Devon Energy

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.