10,921 Shares in Devon Energy Co. (NYSE:DVN) Acquired by AIA Group Ltd

AIA Group Ltd purchased a new position in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 10,921 shares of the energy company’s stock, valued at approximately $495,000.

A number of other large investors have also made changes to their positions in the business. Geode Capital Management LLC increased its position in shares of Devon Energy by 6.2% during the first quarter. Geode Capital Management LLC now owns 14,145,039 shares of the energy company’s stock worth $715,360,000 after purchasing an additional 823,626 shares in the last quarter. Morgan Stanley raised its stake in Devon Energy by 23.6% in the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the last quarter. Victory Capital Management Inc. raised its stake in Devon Energy by 5.1% in the 3rd quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock worth $404,067,000 after acquiring an additional 411,777 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Devon Energy by 5.0% in the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after purchasing an additional 402,055 shares during the period. Finally, Northern Trust Corp raised its stake in shares of Devon Energy by 1.4% in the first quarter. Northern Trust Corp now owns 7,371,571 shares of the energy company’s stock worth $435,881,000 after purchasing an additional 99,059 shares during the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Up 0.8 %

Shares of DVN opened at $51.85 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. Devon Energy Co. has a 12 month low of $40.47 and a 12 month high of $55.09. The stock’s 50 day moving average is $47.89 and its two-hundred day moving average is $45.90. The firm has a market cap of $32.92 billion, a P/E ratio of 8.89 and a beta of 2.19.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.02. The firm had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.66 earnings per share. Analysts predict that Devon Energy Co. will post 5.14 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Thursday, March 14th. Devon Energy’s dividend payout ratio is presently 15.09%.

Analysts Set New Price Targets

DVN has been the subject of several research analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price objective on shares of Devon Energy in a research note on Thursday, March 7th. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price objective for the company. Piper Sandler raised their price objective on Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday. Scotiabank raised their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a research note on Thursday, April 11th. Finally, Stifel Nicolaus reduced their price objective on Devon Energy from $75.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.94.

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.