Fifth Third Bancorp Boosts Stake in Devon Energy Co. (NYSE:DVN)

Fifth Third Bancorp lifted its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 28.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,510 shares of the energy company's stock after purchasing an additional 7,873 shares during the quarter. Fifth Third Bancorp's holdings in Devon Energy were worth $1,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of DVN. Avestar Capital LLC purchased a new position in shares of Devon Energy in the fourth quarter worth $235,000. Asset Management One Co. Ltd. raised its stake in shares of Devon Energy by 1.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 246,671 shares of the energy company's stock worth $7,696,000 after purchasing an additional 3,424 shares during the last quarter. Vontobel Holding Ltd. raised its stake in shares of Devon Energy by 225.5% in the fourth quarter. Vontobel Holding Ltd. now owns 34,295 shares of the energy company's stock worth $1,122,000 after purchasing an additional 23,759 shares during the last quarter. V Square Quantitative Management LLC raised its stake in shares of Devon Energy by 11.8% in the fourth quarter. V Square Quantitative Management LLC now owns 10,284 shares of the energy company's stock worth $337,000 after purchasing an additional 1,083 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC raised its stake in shares of Devon Energy by 2.7% in the fourth quarter. Chevy Chase Trust Holdings LLC now owns 344,914 shares of the energy company's stock worth $11,289,000 after purchasing an additional 8,971 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $35.09 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $22.53 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.20 and a beta of 1.02. Devon Energy Co. has a 52 week low of $25.89 and a 52 week high of $49.35. The stock's 50-day simple moving average is $31.38 and its 200-day simple moving average is $33.59.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, May 6th. The energy company reported $1.21 EPS for the quarter, missing analysts' consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to analysts' expectations of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Devon Energy's quarterly revenue was up 23.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.16 earnings per share. As a group, analysts expect that Devon Energy Co. 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 will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.74%. Devon Energy's dividend payout ratio is currently 21.87%.

Wall Street Analyst Weigh In

DVN has been the subject of several research analyst reports. Bank of America cut their price objective on Devon Energy from $52.00 to $42.00 and set a "buy" rating for the company in a report on Tuesday, April 29th. Wall Street Zen raised Devon Energy from a "sell" rating to a "hold" rating in a report on Thursday, May 15th. Williams Trading set a $50.00 price target on Devon Energy in a report on Wednesday, March 5th. Scotiabank cut their price target on Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Finally, Piper Sandler cut their price target on Devon Energy from $56.00 to $53.00 and set an "overweight" rating for the company in a report on Tuesday, May 13th. Ten research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.71.

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.

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