Devon Energy Corporation (NYSE:DVN) Shares Acquired by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its stake in Devon Energy by 6.2%, owning 483,809 shares worth approximately $18.09 million as of the end of the most recent quarter.
• The share price of Devon Energy is currently down 1.6%, with a market capitalization of $21.33 billion and a P/E ratio of 7.57.
• Devon Energy recently reported $1.21 earnings per share for the quarter but missed the consensus estimate of $1.27, while its revenue increased 23.8% year-over-year.

Federated Hermes Inc. raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 6.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 483,809 shares of the energy company's stock after buying an additional 28,332 shares during the period. Federated Hermes Inc. owned 0.08% of Devon Energy worth $18,094,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in DVN. Alliancebernstein L.P. increased its stake in shares of Devon Energy by 0.8% during the 4th quarter. Alliancebernstein L.P. now owns 929,222 shares of the energy company's stock worth $30,413,000 after purchasing an additional 7,494 shares during the last quarter. B. Metzler seel. Sohn & Co. AG increased its stake in shares of Devon Energy by 6.2% during the 4th quarter. B. Metzler seel. Sohn & Co. AG now owns 21,900 shares of the energy company's stock worth $717,000 after purchasing an additional 1,286 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Devon Energy by 6.5% during the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after purchasing an additional 1,038,305 shares during the last quarter. Headlands Technologies LLC acquired a new position in shares of Devon Energy during the 4th quarter worth about $150,000. Finally, Huntington National Bank boosted its holdings in shares of Devon Energy by 84.6% during the 4th quarter. Huntington National Bank now owns 4,910 shares of the energy company's stock worth $161,000 after buying an additional 2,250 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on DVN shares. Bank of America reduced their target price on shares of Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. The Goldman Sachs Group boosted their price objective on shares of Devon Energy from $38.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 15th. Royal Bank Of Canada cut their price objective on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating for the company in a report on Monday, April 14th. Piper Sandler reissued an "overweight" rating and issued a $58.00 price objective (up previously from $53.00) on shares of Devon Energy in a report on Thursday, July 17th. Finally, Scotiabank reissued an "outperform" rating on shares of Devon Energy in a report on Friday, July 11th. Eleven investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.85.

Devon Energy Stock Down 3.3%

Shares of DVN stock traded down $1.10 on Friday, hitting $32.12. The stock had a trading volume of 8,889,859 shares, compared to its average volume of 7,053,530. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $32.92 and a 200 day moving average price of $33.39. The company has a market cap of $20.62 billion, a PE ratio of 7.32, a P/E/G ratio of 1.82 and a beta of 1.07. Devon Energy Corporation has a one year low of $25.89 and a one year high of $46.04.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. During the same quarter last year, the firm earned $1.16 EPS. Devon Energy's revenue for the quarter was up 23.8% on a year-over-year basis. Research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.24 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 3.0%. Devon Energy's dividend payout ratio is currently 21.87%.

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.