M&T Bank Corp Has $9.01 Million Position in Devon Energy Corporation $DVN

Key Points

• M&T Bank Corp boosted its stake in Devon Energy by 1,243.2% in Q4, adding 227,563 shares to own 245,868 shares worth about $9.01 million.
• Devon beat Q4 estimates with EPS of $0.82 (vs. $0.81) and revenue of $4.12 billion (vs. $3.67 billion) despite revenue declining 6.4% year‑over‑year; analysts expect ~4.81 EPS for the current year.
• Devon pays a quarterly dividend of $0.24 (annualized $0.96) for a ~2.0% yield and a 23.02% payout ratio, and the stock carries a consensus "Moderate Buy" rating with an average target of $54.14 after several recent upgrades.

M&T Bank Corp raised its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 1,243.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 245,868 shares of the energy company's stock after acquiring an additional 227,563 shares during the quarter. M&T Bank Corp's holdings in Devon Energy were worth $9,006,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. PFS Partners LLC bought a new position in Devon Energy in the third quarter valued at approximately $25,000. First Horizon Corp bought a new position in Devon Energy in the third quarter valued at approximately $26,000. Accredited Wealth Management LLC boosted its stake in Devon Energy by 61.6% in the third quarter. Accredited Wealth Management LLC now owns 808 shares of the energy company's stock valued at $28,000 after acquiring an additional 308 shares during the last quarter. Ameriflex Group Inc. boosted its stake in Devon Energy by 702.0% in the third quarter. Ameriflex Group Inc. now owns 802 shares of the energy company's stock valued at $28,000 after acquiring an additional 702 shares during the last quarter. Finally, ORG Partners LLC boosted its stake in Devon Energy by 65.7% in the third quarter. ORG Partners LLC now owns 888 shares of the energy company's stock valued at $31,000 after acquiring an additional 352 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Trading Down 0.5%

DVN opened at $47.93 on Friday. The firm's fifty day moving average is $46.64 and its two-hundred day moving average is $39.95. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.90 and a current ratio of 0.98. The firm has a market cap of $29.77 billion, a PE ratio of 11.49, a price-to-earnings-growth ratio of 0.89 and a beta of 0.47. Devon Energy Corporation has a twelve month low of $29.70 and a twelve month high of $52.71.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, topping the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The business's revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period last year, the business posted $1.10 earnings per share. Equities research analysts anticipate that Devon Energy Corporation will post 4.81 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Devon Energy's dividend payout ratio (DPR) is presently 23.02%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on DVN shares. Sanford C. Bernstein raised their price objective on shares of Devon Energy from $42.00 to $59.00 and gave the company an "outperform" rating in a research note on Monday, April 13th. Jefferies Financial Group increased their target price on shares of Devon Energy from $44.00 to $53.00 and gave the stock a "hold" rating in a report on Monday, April 13th. Scotiabank increased their target price on shares of Devon Energy from $41.00 to $46.00 and gave the stock a "sector perform" rating in a report on Wednesday. Piper Sandler increased their target price on shares of Devon Energy from $59.00 to $67.00 and gave the stock an "overweight" rating in a report on Thursday, March 12th. Finally, Benchmark reiterated a "buy" rating on shares of Devon Energy in a report on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.14.

Devon Energy Company Profile

Devon Energy Corporation NYSE: DVN is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Corporation (NYSE:DVN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.