Transce3nd LLC Acquires New Stake in Devon Energy Co. (NYSE:DVN)

Transce3nd LLC bought a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 2,833 shares of the energy company’s stock, valued at approximately $93,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Devon Energy by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Devon Energy in the 4th quarter valued at $154,170,000. Marshall Wace LLP lifted its position in Devon Energy by 135.5% during the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock worth $175,810,000 after buying an additional 3,090,585 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after acquiring an additional 2,335,473 shares in the last quarter. Finally, HITE Hedge Asset Management LLC acquired a new stake in shares of Devon Energy in the fourth quarter valued at about $51,522,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Mizuho decreased their price target on Devon Energy from $49.00 to $46.00 and set an “outperform” rating for the company in a research note on Wednesday, April 9th. Royal Bank of Canada cut their price target on shares of Devon Energy from $49.00 to $40.00 and set a “sector perform” rating for the company in a research note on Monday, April 14th. Scotiabank dropped their target price on shares of Devon Energy from $45.00 to $35.00 and set a “sector outperform” rating on the stock in a report on Friday, April 11th. Raymond James reduced their price target on Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, March 10th. Finally, Piper Sandler upped their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $46.71.

Devon Energy Stock Performance

NYSE DVN opened at $29.50 on Tuesday. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $53.20. The firm has a 50-day moving average price of $33.83 and a two-hundred day moving average price of $35.67. The company has a market capitalization of $19.15 billion, a P/E ratio of 6.47, a P/E/G ratio of 1.20 and a beta of 1.50. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

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

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s payout ratio is 21.05%.

Devon Energy Company 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.