Devon Energy Corporation (NYSE:DVN) Shares Acquired by TCTC Holdings LLC

Key Points

• TCTC Holdings LLC increased its stake in Devon Energy Corporation by 211.2% in the first quarter, now owning 17,301 shares valued at approximately $647,000.
• Devon Energy reported a quarterly earnings per share (EPS) of $1.21, missing analysts' estimates of $1.27, with a revenue of $4.45 billion.
• The company recently announced a quarterly dividend of $0.24 per share, translating to an annualized dividend yield of 2.80%.

TCTC Holdings LLC raised its position in Devon Energy Corporation (NYSE:DVN - Free Report) by 211.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 17,301 shares of the energy company's stock after acquiring an additional 11,742 shares during the period. TCTC Holdings LLC's holdings in Devon Energy were worth $647,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in DVN. Resona Asset Management Co. Ltd. purchased a new position in Devon Energy during the 4th quarter valued at about $5,967,000. Cantor Fitzgerald Investment Advisors L.P. increased its holdings in Devon Energy by 10.8% during the 1st quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 272,990 shares of the energy company's stock valued at $10,210,000 after acquiring an additional 26,519 shares in the last quarter. Merit Financial Group LLC increased its holdings in Devon Energy by 209.5% during the 1st quarter. Merit Financial Group LLC now owns 22,679 shares of the energy company's stock valued at $848,000 after acquiring an additional 15,351 shares in the last quarter. Aviva PLC lifted its position in shares of Devon Energy by 767.3% in the fourth quarter. Aviva PLC now owns 376,999 shares of the energy company's stock valued at $12,339,000 after acquiring an additional 333,530 shares in the last quarter. Finally, Autumn Glory Partners LLC boosted its stake in shares of Devon Energy by 93.6% during the first quarter. Autumn Glory Partners LLC now owns 41,368 shares of the energy company's stock valued at $1,547,000 after acquiring an additional 20,000 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN stock traded down $0.54 during trading on Thursday, hitting $33.22. 5,465,621 shares of the company's stock traded hands, compared to its average volume of 6,922,595. The company has a quick ratio of 0.99, a current ratio of 1.08 and a debt-to-equity ratio of 0.57. Devon Energy Corporation has a 52 week low of $25.89 and a 52 week high of $47.44. The stock has a fifty day moving average price of $32.86 and a two-hundred day moving average price of $33.49. The stock has a market capitalization of $21.33 billion, a price-to-earnings ratio of 7.57, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02.

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 the consensus estimate of $1.27 by ($0.06). The firm had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a return on equity of 21.90% and a net margin of 16.60%. Devon Energy's revenue for the quarter was up 23.8% on a year-over-year basis. During the same quarter last year, the company posted $1.16 EPS. As a group, equities analysts anticipate that Devon Energy Corporation will post 4.85 EPS for the current fiscal year.

Devon Energy Announces Dividend

The firm also recently declared 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 2.9%. The ex-dividend date was Friday, June 13th. Devon Energy's payout ratio is 21.87%.

Analyst Upgrades and Downgrades

DVN has been the subject of a number of analyst reports. 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 research report on Thursday, July 17th. Citigroup cut their price target on Devon Energy from $46.00 to $43.00 and set a "buy" rating for the company in a report on Friday, April 4th. Tudor, Pickering, Holt & Co. increased their price target on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. BMO Capital Markets lifted their price objective on Devon Energy from $48.00 to $51.00 and gave the company an "outperform" rating in a research report on Monday, July 14th. Finally, Scotiabank reiterated an "outperform" rating on shares of Devon Energy in a research 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 stock. According to data from MarketBeat.com, Devon Energy currently has an average rating of "Moderate Buy" and a consensus target price of $43.85.

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.