South Dakota Investment Council Acquires 700 Shares of Devon Energy Co. (NYSE:DVN)

South Dakota Investment Council grew its holdings in Devon Energy Co. (NYSE:DVN) by 0.8% in the 4th quarter, Holdings Channel reports. The fund owned 84,318 shares of the energy company’s stock after purchasing an additional 700 shares during the quarter. South Dakota Investment Council’s holdings in Devon Energy were worth $3,820,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Avior Wealth Management LLC boosted its stake in Devon Energy by 4.9% during the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock worth $210,000 after buying an additional 207 shares in the last quarter. Private Trust Co. NA lifted its holdings in Devon Energy by 1.6% during the 3rd quarter. Private Trust Co. NA now owns 18,020 shares of the energy company’s stock valued at $860,000 after purchasing an additional 291 shares during the last quarter. Caprock Group LLC lifted its holdings in Devon Energy by 41.0% during the 3rd quarter. Caprock Group LLC now owns 14,325 shares of the energy company’s stock valued at $683,000 after purchasing an additional 4,162 shares during the last quarter. Greenwood Capital Associates LLC lifted its holdings in Devon Energy by 4.1% during the 3rd quarter. Greenwood Capital Associates LLC now owns 22,751 shares of the energy company’s stock valued at $1,085,000 after purchasing an additional 886 shares during the last quarter. Finally, Galvin Gaustad & Stein LLC lifted its holdings in Devon Energy by 8.5% during the 3rd quarter. Galvin Gaustad & Stein LLC now owns 6,414 shares of the energy company’s stock valued at $306,000 after purchasing an additional 504 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $52.09 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. Devon Energy Co. has a twelve month low of $40.47 and a twelve month high of $55.09. The firm’s 50 day moving average price is $48.51 and its two-hundred day moving average price is $46.09. The firm has a market cap of $33.08 billion, a P/E ratio of 8.93 and a beta of 2.19.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a net margin of 24.56% and a return on equity of 31.72%. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the firm posted $1.66 earnings per share. The business’s revenue was down 3.6% on a year-over-year basis. On average, analysts forecast that Devon Energy Co. will post 5.22 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DVN shares. Raymond James cut their price target on shares of Devon Energy from $53.00 to $52.00 and set an “outperform” rating for the company in a report on Wednesday, January 24th. Piper Sandler raised their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. UBS Group raised their price objective on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Morgan Stanley raised their price objective on shares of Devon Energy from $49.00 to $50.00 and gave the company an “overweight” rating in a research report on Monday, April 15th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Devon Energy from $57.00 to $62.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, Devon Energy presently has a consensus rating of “Moderate Buy” and an average price target of $58.33.

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.