Perpetual Ltd Acquires 7,858 Shares of Devon Energy Corporation (NYSE:DVN)

Perpetual Ltd increased its holdings in Devon Energy Corporation (NYSE:DVN - Free Report) by 48.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,126 shares of the energy company's stock after purchasing an additional 7,858 shares during the period. Perpetual Ltd's holdings in Devon Energy were worth $902,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Hurley Capital LLC acquired a new stake in shares of Devon Energy in the fourth quarter worth about $26,000. Accredited Wealth Management LLC bought a new position in shares of Devon Energy in the 4th quarter valued at approximately $28,000. Rakuten Securities Inc. raised its stake in shares of Devon Energy by 94.6% in the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock valued at $31,000 after acquiring an additional 405 shares in the last quarter. Salem Investment Counselors Inc. lifted its holdings in Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company's stock worth $47,000 after purchasing an additional 400 shares during the last quarter. Finally, Sound Income Strategies LLC boosted its position in Devon Energy by 100.1% during the first quarter. Sound Income Strategies LLC now owns 1,911 shares of the energy company's stock worth $71,000 after purchasing an additional 956 shares during the period. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $32.26 on Friday. The firm has a market cap of $20.71 billion, a P/E ratio of 7.35, a price-to-earnings-growth ratio of 2.40 and a beta of 1.02. The firm's 50-day simple moving average is $32.21 and its 200-day simple moving average is $33.42. Devon Energy Corporation has a twelve month low of $25.89 and a twelve month high of $49.35. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $4.31 billion. During the same period in the previous year, the firm posted $1.16 earnings per share. The firm's revenue for the quarter was up 23.8% compared to the same quarter last year. As a group, research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.98%. The ex-dividend date is Friday, June 13th. Devon Energy's dividend payout ratio is 21.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Scotiabank dropped their price target on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating on the stock in a research report on Friday, April 11th. Piper Sandler dropped their target price on shares of Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Wells Fargo & Company decreased their price target on shares of Devon Energy from $46.00 to $41.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Mizuho lowered their price target 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. Finally, Barclays boosted their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.50.

About Devon Energy

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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