Devon Energy Co. (NYSE:DVN) Stake Boosted by USS Investment Management Ltd

USS Investment Management Ltd increased its position in shares of Devon Energy Co. (NYSE:DVN) by 173.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 177,086 shares of the energy company’s stock after purchasing an additional 112,386 shares during the quarter. USS Investment Management Ltd’s holdings in Devon Energy were worth $5,799,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in DVN. Hurley Capital LLC bought a new position in Devon Energy during the fourth quarter worth $26,000. Accredited Wealth Management LLC bought a new position in Devon Energy during the fourth quarter worth $28,000. Cromwell Holdings LLC increased its position in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after buying an additional 598 shares during the period. Sierra Ocean LLC acquired a new stake in Devon Energy in the fourth quarter worth $43,000. Finally, Endeavor Private Wealth Inc. acquired a new stake in Devon Energy in the fourth quarter worth $52,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Price Performance

NYSE:DVN opened at $31.15 on Friday. The business’s 50-day moving average price is $32.29 and its 200 day moving average price is $34.38. The firm has a market cap of $20.00 billion, a P/E ratio of 6.83, a PEG ratio of 1.20 and a beta of 1.00. Devon Energy Co. has a 52-week low of $25.89 and a 52-week high of $49.35. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). The firm had revenue of $4.45 billion for the quarter, compared to analyst estimates of $4.31 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Devon Energy’s revenue was up 23.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.16 earnings per share. As a group, sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.08%. Devon Energy’s dividend payout ratio (DPR) is 21.87%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several analyst reports. Royal Bank of Canada dropped their target price on Devon Energy from $49.00 to $40.00 and set a “sector perform” rating on the stock in a research report on Monday, April 14th. Wells Fargo & Company increased their target price on Devon Energy from $44.00 to $46.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 14th. Barclays increased their target price on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research report on Wednesday, May 7th. Citigroup dropped their target price on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research report on Friday, April 4th. Finally, UBS Group dropped their target price on Devon Energy from $41.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

Devon Energy Company 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.