Devon Energy Corporation $DVN Position Boosted by Credit Agricole S A

Key Points

• Credit Agricole S A increased its stake in Devon Energy Corporation by 9.0% during the 1st quarter, acquiring an additional 15,945 shares, bringing its total holdings to 193,074 shares worth approximately $7.22 million.
• The energy company announced a quarterly dividend of $0.24 per share, to be paid on September 30th, representing an annualized dividend yield of 2.8%.
• Devon Energy recently reported quarterly earnings of $0.84 per share, exceeding analyst expectations, with revenue increasing by 9.4% year-over-year.

Credit Agricole S A boosted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 9.0% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 193,074 shares of the energy company's stock after acquiring an additional 15,945 shares during the period. Credit Agricole S A's holdings in Devon Energy were worth $7,221,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in Devon Energy by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 82,780,738 shares of the energy company's stock valued at $3,096,000,000 after acquiring an additional 2,098,568 shares during the period. Victory Capital Management Inc. increased its position in Devon Energy by 12.9% in the 1st quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock valued at $430,805,000 after acquiring an additional 1,315,050 shares during the period. Northern Trust Corp increased its position in Devon Energy by 5.1% in the 1st quarter. Northern Trust Corp now owns 6,577,195 shares of the energy company's stock valued at $245,987,000 after acquiring an additional 316,460 shares during the period. Charles Schwab Investment Management Inc. increased its position in Devon Energy by 8.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,706,837 shares of the energy company's stock worth $176,036,000 after purchasing an additional 354,633 shares during the period. Finally, Deutsche Bank AG increased its position in Devon Energy by 3.0% during the 4th quarter. Deutsche Bank AG now owns 3,492,902 shares of the energy company's stock worth $114,323,000 after purchasing an additional 102,725 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Trading Down 1.6%

Shares of Devon Energy stock traded down $0.59 during trading hours on Tuesday, reaching $35.19. 3,900,490 shares of the company's stock were exchanged, compared to its average volume of 8,914,872. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $45.34. The firm has a market capitalization of $22.34 billion, a price-to-earnings ratio of 7.89, a price-to-earnings-growth ratio of 2.00 and a beta of 1.07. The company has a fifty day moving average of $33.27 and a 200-day moving average of $33.15. The company has a current ratio of 1.22, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The energy company reported $0.84 EPS for the quarter, topping analysts' consensus estimates of $0.83 by $0.01. Devon Energy had a return on equity of 18.59% and a net margin of 16.57%.The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.01 billion. During the same period in the prior year, the firm posted $1.41 EPS. The business's revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.24 per share. The ex-dividend date is Monday, September 15th. This represents a $0.96 annualized dividend and a dividend yield of 2.7%. Devon Energy's dividend payout ratio (DPR) is currently 21.52%.

Insider Buying and Selling at Devon Energy

In other news, Director Kelt Kindick sold 7,685 shares of the firm's stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $33.46, for a total transaction of $257,140.10. Following the completion of the sale, the director directly owned 31,801 shares in the company, valued at $1,064,061.46. This trade represents a 19.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.71% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

DVN has been the topic of several recent analyst reports. Piper Sandler dropped their target price on Devon Energy from $58.00 to $57.00 and set an "overweight" rating on the stock in a research report on Thursday, August 14th. Mizuho dropped their target price on Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research report on Friday, July 11th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research report on Thursday, May 15th. Finally, UBS Group boosted their target price on Devon Energy from $37.00 to $40.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 20th. Sixteen equities research analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and an average target price of $44.15.

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.