Devon Energy Co. (NYSE:DVN) Shares Acquired by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC increased its position in Devon Energy Co. (NYSE:DVN) by 16.8% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 188,527 shares of the energy company’s stock after purchasing an additional 27,056 shares during the period. Mutual of America Capital Management LLC’s holdings in Devon Energy were worth $8,936,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Salem Investment Counselors Inc. grew its stake in Devon Energy by 31.4% in the first quarter. Salem Investment Counselors Inc. now owns 832 shares of the energy company’s stock worth $42,000 after purchasing an additional 199 shares in the last quarter. Retirement Group LLC grew its stake in Devon Energy by 21.8% in the first quarter. Retirement Group LLC now owns 1,110 shares of the energy company’s stock worth $56,000 after purchasing an additional 199 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Devon Energy by 7.4% in the first quarter. Whittier Trust Co. of Nevada Inc. now owns 3,046 shares of the energy company’s stock worth $153,000 after purchasing an additional 209 shares in the last quarter. MCF Advisors LLC grew its stake in Devon Energy by 5.6% in the first quarter. MCF Advisors LLC now owns 4,023 shares of the energy company’s stock worth $202,000 after purchasing an additional 215 shares in the last quarter. Finally, Annex Advisory Services LLC boosted its stake in Devon Energy by 0.8% in the second quarter. Annex Advisory Services LLC now owns 27,651 shares of the energy company’s stock valued at $1,311,000 after acquiring an additional 223 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on DVN. Truist Financial decreased their target price on Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research note on Tuesday, July 9th. Piper Sandler decreased their target price on Devon Energy from $65.00 to $57.00 and set an “overweight” rating for the company in a research note on Thursday, August 15th. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. UBS Group decreased their target price on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, Bank of America restated a “buy” rating and issued a $64.00 target price on shares of Devon Energy in a research note on Friday, June 14th. Six research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Devon Energy currently has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $40.37 on Thursday. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. The stock has a market cap of $25.51 billion, a price-to-earnings ratio of 7.70, a PEG ratio of 1.13 and a beta of 2.03. The stock’s 50 day moving average price is $44.39 and its 200 day moving average price is $47.39. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.11 and a quick ratio of 1.03.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, August 6th. The energy company reported $1.41 EPS for the quarter, topping the consensus estimate of $1.26 by $0.15. The firm had revenue of $3.92 billion for the quarter, compared to analysts’ expectations of $3.90 billion. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.18 earnings per share. Equities research analysts anticipate that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be issued a $0.22 dividend. The ex-dividend date is Friday, September 13th. This represents a $0.88 annualized dividend and a dividend yield of 2.18%. Devon Energy’s dividend payout ratio is currently 16.79%.

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.