Devon Energy Corporation (NYSE:DVN) Shares Bought by South Dakota Investment Council

South Dakota Investment Council lifted its stake in Devon Energy Corporation (NYSE:DVN - Free Report) by 80.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 162,982 shares of the energy company's stock after acquiring an additional 72,556 shares during the period. South Dakota Investment Council's holdings in Devon Energy were worth $6,096,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock valued at $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Geode Capital Management LLC raised its holdings in Devon Energy by 6.5% in the 4th quarter. Geode Capital Management LLC now owns 16,931,275 shares of the energy company's stock worth $552,830,000 after acquiring an additional 1,038,305 shares during the period. Victory Capital Management Inc. increased its stake in shares of Devon Energy by 12.9% in the first quarter. Victory Capital Management Inc. now owns 11,518,862 shares of the energy company's stock worth $430,805,000 after purchasing an additional 1,315,050 shares during the period. Fuller & Thaler Asset Management Inc. increased its position in Devon Energy by 42.8% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company's stock worth $340,236,000 after buying an additional 3,114,656 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on DVN shares. Royal Bank Of Canada lowered their price target on Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday, April 14th. BMO Capital Markets upped their price objective on shares of Devon Energy from $48.00 to $51.00 and gave the stock an "outperform" rating in a research note on Monday, July 14th. Wolfe Research upped their price objective on shares of Devon Energy from $47.00 to $49.00 and gave the stock an "outperform" rating in a research note on Monday, June 23rd. Mizuho reduced their target price on shares of Devon Energy from $46.00 to $43.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Finally, Morgan Stanley raised their price target on Devon Energy from $44.00 to $46.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 15th. Eleven research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $43.85.

Devon Energy Trading Up 1.6%

Shares of DVN traded up $0.52 during mid-day trading on Tuesday, reaching $32.87. The stock had a trading volume of 3,586,630 shares, compared to its average volume of 8,882,963. The firm has a market cap of $21.10 billion, a price-to-earnings ratio of 7.49, a P/E/G ratio of 2.35 and a beta of 1.02. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $47.51. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.08 and a quick ratio of 0.99. The business's fifty day moving average is $32.82 and its 200 day moving average is $33.55.

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

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Friday, June 13th. Devon Energy's payout ratio is currently 21.87%.

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.