Devon Energy Co. (NYSE:DVN) Stock Position Increased by Pacer Advisors Inc.

Pacer Advisors Inc. raised its holdings in Devon Energy Co. (NYSE:DVN) by 1.9% in the second quarter, Holdings Channel.com reports. The fund owned 3,985,265 shares of the energy company’s stock after acquiring an additional 73,532 shares during the period. Pacer Advisors Inc.’s holdings in Devon Energy were worth $192,648,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AlphaCrest Capital Management LLC bought a new position in shares of Devon Energy in the first quarter valued at $364,000. Acadian Asset Management LLC purchased a new stake in shares of Devon Energy during the first quarter valued at $188,000. Blair William & Co. IL boosted its position in shares of Devon Energy by 52.1% in the 1st quarter. Blair William & Co. IL now owns 99,120 shares of the energy company’s stock valued at $5,861,000 after purchasing an additional 33,936 shares during the period. Sei Investments Co. raised its holdings in Devon Energy by 9.2% during the 1st quarter. Sei Investments Co. now owns 414,354 shares of the energy company’s stock worth $24,500,000 after buying an additional 34,870 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new stake in Devon Energy during the first quarter valued at about $26,000. 68.34% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

DVN traded down $0.27 on Tuesday, hitting $49.23. The company had a trading volume of 3,016,700 shares, compared to its average volume of 8,895,617. Devon Energy Co. has a 1-year low of $44.03 and a 1-year high of $78.82. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.98 and a quick ratio of 0.90. The company’s fifty day moving average price is $51.05 and its 200 day moving average price is $50.43. The stock has a market cap of $31.54 billion, a price-to-earnings ratio of 6.77, a price-to-earnings-growth ratio of 0.17 and a beta of 2.34.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 1st. The energy company reported $1.18 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $1.18. The business had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.26 billion. Devon Energy had a net margin of 28.10% and a return on equity of 37.89%. Devon Energy’s revenue was down 38.6% compared to the same quarter last year. During the same period last year, the business posted $2.59 EPS. Equities analysts predict that Devon Energy Co. will post 5.61 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a dividend of $0.49 per share. The ex-dividend date is Thursday, September 14th. This represents a $1.96 annualized dividend and a dividend yield of 3.98%. Devon Energy’s dividend payout ratio is presently 10.94%.

Analysts Set New Price Targets

Several equities analysts have weighed in on DVN shares. Mizuho lifted their price objective on shares of Devon Energy from $60.00 to $62.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler lowered their target price on Devon Energy from $72.00 to $65.00 and set an “overweight” rating on the stock in a research note on Monday, August 14th. Royal Bank of Canada reduced their price target on shares of Devon Energy from $63.00 to $60.00 and set a “sector perform” rating for the company in a research report on Thursday, July 13th. Evercore ISI lowered their price objective on shares of Devon Energy from $52.00 to $50.00 in a research report on Monday, July 10th. Finally, Wells Fargo & Company cut their target price on shares of Devon Energy from $52.00 to $51.00 and set an “equal weight” rating for the company in a research report on Friday, September 1st. Seven equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.83.

Insider Activity at Devon Energy

In other Devon Energy news, EVP Dennis C. Cameron sold 7,870 shares of Devon Energy stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $51.13, for a total value of $402,393.10. Following the transaction, the executive vice president now directly owns 210,548 shares of the company’s stock, valued at approximately $10,765,319.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.63% of the stock is owned by corporate insiders.

Devon Energy Company Profile

Devon Energy Corporation, an independent energy company, explores for, develops, and produces oil, natural gas, and natural gas liquids in the United States. It operates in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was incorporated in 1971 and is headquartered in Oklahoma City, Oklahoma.