Legal & General Group Plc Purchases New Shares in Devon Energy Corporation $DVN

Legal & General Group Plc acquired a new stake in shares of Devon Energy Corporation (NYSE:DVN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 5,789,259 shares of the energy company’s stock, valued at approximately $239,212,000.

Several other institutional investors have also added to or reduced their stakes in DVN. The Manufacturers Life Insurance Company bought a new stake in shares of Devon Energy during the 2nd quarter valued at $27,046,000. Jones Financial Companies Lllp purchased a new position in Devon Energy during the 2nd quarter valued at about $95,000. Trajan Wealth LLC purchased a new position in Devon Energy during the 2nd quarter valued at about $203,000. Fiduciary Financial Advisors bought a new stake in shares of Devon Energy during the 2nd quarter valued at about $75,000. Finally, Manning & Napier Advisors LLC purchased a new stake in shares of Devon Energy during the 2nd quarter valued at about $4,225,000. 69.72% of the stock is currently owned by institutional investors.

Devon Energy Stock Performance

Shares of NYSE:DVN opened at $46.82 on Thursday. The firm has a fifty day simple moving average of $43.99 and a two-hundred day simple moving average of $45.59. Devon Energy Corporation has a 52 week low of $31.47 and a 52 week high of $52.71. The company has a quick ratio of 0.67, a current ratio of 0.72 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $51.50 billion, a P/E ratio of 11.12, a PEG ratio of 1.29 and a beta of 0.38.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, August 4th. The energy company reported $1.57 EPS for the quarter, beating analysts’ consensus estimates of $1.40 by $0.17. Devon Energy had a net margin of 16.67% and a return on equity of 14.93%. The firm had revenue of $7.42 billion during the quarter, compared to the consensus estimate of $6.01 billion. During the same quarter last year, the firm earned $0.84 EPS. The firm’s revenue for the quarter was up 73.1% compared to the same quarter last year. On average, analysts expect that Devon Energy Corporation will post 5.2 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a $0.32 dividend. This represents a $1.28 annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Devon Energy’s dividend payout ratio (DPR) is presently 30.40%.

Analyst Ratings Changes

Several brokerages recently issued reports on DVN. Evercore upgraded shares of Devon Energy from an “in-line” rating to an “outperform” rating and set a $54.00 target price for the company in a research report on Wednesday, June 10th. Truist Financial upped their price objective on Devon Energy from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. UBS Group decreased their target price on Devon Energy from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Wednesday, July 15th. Barclays lowered their target price on Devon Energy from $62.00 to $58.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Finally, Weiss Ratings raised Devon Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Devon Energy currently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Insider Activity at Devon Energy

In other news, SVP Andrea Alexander sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 10th. The stock was sold at an average price of $46.74, for a total transaction of $841,320.00. Following the transaction, the senior vice president owned 138,529 shares of the company’s stock, valued at approximately $6,474,845.46. The trade was a 11.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 4.58% of the company’s stock.

Devon Energy Company Profile

Devon Energy Corporation (NYSE: DVN) is an independent oil and gas exploration and production company headquartered in Oklahoma City, Oklahoma. The company focuses on the exploration, development, production and marketing of hydrocarbons, including crude oil, natural gas liquids (NGLs) and natural gas. Devon operates as an upstream energy company that acquires, evaluates and develops onshore resource plays using a combination of drilling, completion and production optimization techniques.

Core business activities include identifying and developing energy reserves, operating well programs and managing reservoir performance to generate production and cash flow.