Valmark Advisers Inc. Makes New Investment in Devon Energy Co. (NYSE:DVN)

Valmark Advisers Inc. acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, Holdings Channel reports. The fund acquired 5,358 shares of the energy company’s stock, valued at approximately $243,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of DVN. Morgan Stanley increased its stake in shares of Devon Energy by 23.6% in the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after buying an additional 2,220,194 shares during the period. Victory Capital Management Inc. increased its position in shares of Devon Energy by 5.1% in the third quarter. Victory Capital Management Inc. now owns 8,470,996 shares of the energy company’s stock valued at $404,067,000 after acquiring an additional 411,777 shares during the period. Raymond James & Associates raised its stake in shares of Devon Energy by 5.0% during the third quarter. Raymond James & Associates now owns 8,429,670 shares of the energy company’s stock valued at $402,095,000 after acquiring an additional 402,055 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of Devon Energy by 1.2% during the third quarter. Northern Trust Corp now owns 6,774,537 shares of the energy company’s stock worth $323,145,000 after purchasing an additional 82,607 shares during the period. Finally, Pacer Advisors Inc. grew its stake in shares of Devon Energy by 1,279.7% in the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Analysts Set New Price Targets

DVN has been the subject of several research analyst reports. Scotiabank increased their price objective on Devon Energy from $53.00 to $67.00 and gave the stock a “sector outperform” rating in a report on Thursday, April 11th. Wells Fargo & Company raised Devon Energy from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $46.00 to $59.00 in a research note on Monday, April 1st. Royal Bank of Canada reissued a “sector perform” rating and set a $55.00 price objective on shares of Devon Energy in a research report on Thursday, March 7th. Piper Sandler upped their price objective on shares of Devon Energy from $59.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, April 19th. Finally, UBS Group lifted their target price on shares of Devon Energy from $48.00 to $57.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Performance

Shares of DVN opened at $53.08 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 1.07 and a debt-to-equity ratio of 0.46. The stock has a market cap of $33.71 billion, a P/E ratio of 9.10 and a beta of 2.19. The business’s 50 day moving average price is $49.07 and its 200-day moving average price is $46.22. Devon Energy Co. has a 52 week low of $40.47 and a 52 week high of $55.09.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to analysts’ expectations of $3.88 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. Equities research analysts anticipate that Devon Energy Co. will post 5.28 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. Investors of record on Friday, March 15th were paid a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date was Thursday, March 14th. Devon Energy’s payout ratio is 15.09%.

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.