Tocqueville Asset Management L.P. Acquires 359 Shares of Devon Energy Co. (NYSE:DVN)

Tocqueville Asset Management L.P. lifted its holdings in shares of Devon Energy Co. (NYSE:DVN) by 3.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,242 shares of the energy company’s stock after purchasing an additional 359 shares during the period. Tocqueville Asset Management L.P.’s holdings in Devon Energy were worth $401,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. EnCap Energy Capital Fund XI L.P. acquired a new position in Devon Energy during the 3rd quarter worth approximately $461,857,000. EnCap Partners GP LLC acquired a new position in Devon Energy during the 3rd quarter worth approximately $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in Devon Energy during the 3rd quarter worth approximately $230,928,000. Raymond James Financial Inc. acquired a new position in Devon Energy during the 4th quarter worth approximately $154,170,000. Finally, Pacer Advisors Inc. raised its stake in Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock worth $453,446,000 after buying an additional 1,677,652 shares during the period. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

Shares of NYSE DVN opened at $36.08 on Thursday. The stock has a fifty day simple moving average of $35.44 and a two-hundred day simple moving average of $37.13. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09. The firm has a market cap of $23.41 billion, a price-to-earnings ratio of 7.91, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The firm had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.25 billion. Analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a $0.24 dividend. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Barclays upped their price target on Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. Piper Sandler increased their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.46.

Devon Energy Profile

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.