Victory Capital Management Inc. Increases Holdings in Devon Energy Corporation (NYSE:DVN)

Victory Capital Management Inc. raised its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 12.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,518,862 shares of the energy company's stock after purchasing an additional 1,315,050 shares during the quarter. Victory Capital Management Inc. owned 1.79% of Devon Energy worth $430,805,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in DVN. Financial Gravity Asset Management Inc. purchased a new position in shares of Devon Energy during the 1st quarter valued at about $26,000. Hurley Capital LLC purchased a new position in Devon Energy in the 4th quarter worth approximately $26,000. Rakuten Securities Inc. raised its holdings in shares of Devon Energy by 94.6% during the 1st quarter. Rakuten Securities Inc. now owns 833 shares of the energy company's stock worth $31,000 after acquiring an additional 405 shares in the last quarter. Accredited Wealth Management LLC purchased a new stake in shares of Devon Energy during the 4th quarter worth approximately $28,000. Finally, Hughes Financial Services LLC purchased a new stake in shares of Devon Energy during the 1st quarter worth approximately $38,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Down 1.3%

DVN stock traded down $0.41 during trading on Wednesday, reaching $31.76. 11,505,125 shares of the company traded hands, compared to its average volume of 8,898,520. Devon Energy Corporation has a 12 month low of $25.89 and a 12 month high of $49.35. The business has a 50 day simple moving average of $32.77 and a 200 day simple moving average of $33.55. The company has a market capitalization of $20.40 billion, a price-to-earnings ratio of 7.24, a price-to-earnings-growth ratio of 2.50 and a beta of 1.02. 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 issued 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). The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. Devon Energy's revenue for the quarter was up 23.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.16 EPS. On average, equities research analysts anticipate that Devon Energy Corporation will post 4.85 earnings per share 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 issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend was Friday, June 13th. Devon Energy's dividend payout ratio is presently 21.87%.

Wall Street Analyst Weigh In

Several analysts recently weighed in on DVN shares. Piper Sandler decreased their price target on Devon Energy from $56.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, May 13th. Barclays increased their target price on Devon Energy from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. UBS Group increased their target price on Devon Energy from $35.00 to $37.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wall Street Zen upgraded Devon Energy from a "sell" rating to a "hold" rating in a research note on Thursday, May 15th. Finally, Tudor, Pickering, Holt & Co. increased their target price on Devon Energy from $42.00 to $44.00 in a research note on Thursday, July 3rd. Eleven equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat, Devon Energy presently has an average rating of "Moderate Buy" and a consensus target price of $43.48.

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.