Zurcher Kantonalbank Zurich Cantonalbank Purchases 387,654 Shares of Devon Energy Corporation $DVN

Key Points

• Zurcher Kantonalbank boosted its stake in Devon Energy by 95.6%, purchasing 387,654 shares to hold 793,194 shares (about 0.13% of the company) valued at roughly $29.06 million.
• Analysts give DVN an average rating of "Moderate Buy" with a consensus price target of $53.96.
• Devon reported quarterly EPS of $0.82 (beating estimates by $0.01) on $4.12 billion in revenue and pays a quarterly dividend of $0.24 (annualized yield ~2.1%).

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Devon Energy Corporation (NYSE:DVN - Free Report) by 95.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 793,194 shares of the energy company's stock after buying an additional 387,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.13% of Devon Energy worth $29,055,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 5.0% during the 3rd quarter. Victory Capital Management Inc. now owns 11,845,958 shares of the energy company's stock worth $415,319,000 after buying an additional 560,652 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Devon Energy by 6.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 9,353,062 shares of the energy company's stock valued at $327,938,000 after purchasing an additional 552,068 shares during the period. AQR Capital Management LLC boosted its holdings in Devon Energy by 29.3% in the 3rd quarter. AQR Capital Management LLC now owns 8,223,219 shares of the energy company's stock valued at $288,306,000 after purchasing an additional 1,862,720 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Devon Energy by 5.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 4,712,190 shares of the energy company's stock valued at $165,210,000 after purchasing an additional 246,179 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Devon Energy by 3.4% in the 3rd quarter. Legal & General Group Plc now owns 3,286,761 shares of the energy company's stock valued at $115,234,000 after purchasing an additional 106,824 shares during the period. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DVN has been the subject of a number of research reports. UBS Group reduced their price target on shares of Devon Energy from $61.00 to $60.00 and set a "buy" rating for the company in a report on Tuesday, April 14th. Raymond James Financial increased their price target on shares of Devon Energy from $44.00 to $52.00 and gave the company an "outperform" rating in a report on Wednesday, February 11th. Roth Mkm reissued a "buy" rating and issued a $50.00 price target on shares of Devon Energy in a report on Thursday, February 19th. Morgan Stanley increased their price target on shares of Devon Energy from $46.00 to $59.00 and gave the company an "overweight" rating in a report on Friday, March 27th. Finally, TD Cowen increased their price target on shares of Devon Energy from $46.00 to $50.00 and gave the company a "hold" rating in a report on Tuesday, March 17th. Two analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and a consensus price target of $53.96.

Devon Energy Trading Up 1.6%

Shares of DVN stock opened at $45.64 on Wednesday. Devon Energy Corporation has a 52-week low of $29.70 and a 52-week high of $52.71. The stock has a market cap of $28.36 billion, a price-to-earnings ratio of 10.94, a P/E/G ratio of 0.81 and a beta of 0.47. 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 fifty day moving average of $46.44 and a 200-day moving average of $39.75.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.81 by $0.01. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company had revenue of $4.12 billion during the quarter, compared to analysts' expectations of $3.67 billion. During the same quarter in the prior year, the company posted $1.10 EPS. The business's revenue was down 6.4% on a year-over-year basis. On average, equities research analysts forecast that Devon Energy Corporation will post 4.94 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Friday, March 13th were given a dividend of $0.24 per share. The ex-dividend date was Friday, March 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.1%. Devon Energy's dividend payout ratio (DPR) is 23.02%.

About Devon Energy

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.

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