Great Lakes Retirement Inc. Acquires Shares of 136,214 Devon Energy Co. (NYSE:DVN)

Great Lakes Retirement Inc. purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 136,214 shares of the energy company’s stock, valued at approximately $6,835,000. Devon Energy makes up approximately 1.0% of Great Lakes Retirement Inc.’s holdings, making the stock its 27th biggest holding.

A number of other hedge funds have also made changes to their positions in the stock. Raymond James & Associates boosted its holdings in shares of Devon Energy by 8.9% during the first quarter. Raymond James & Associates now owns 9,044,859 shares of the energy company’s stock valued at $453,871,000 after acquiring an additional 736,449 shares during the period. Victory Capital Management Inc. raised its holdings in Devon Energy by 0.8% during the 4th quarter. Victory Capital Management Inc. now owns 8,539,335 shares of the energy company’s stock worth $386,832,000 after buying an additional 68,339 shares during the period. Dimensional Fund Advisors LP raised its holdings in Devon Energy by 26.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock worth $320,609,000 after buying an additional 1,488,374 shares during the period. Pacer Advisors Inc. grew its stake in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after acquiring an additional 5,700,167 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its stake in Devon Energy by 3.6% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 4,529,487 shares of the energy company’s stock valued at $227,290,000 after acquiring an additional 156,230 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on DVN shares. Stifel Nicolaus boosted their price target on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday, April 23rd. Barclays started coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 target price for the company. Truist Financial cut 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. Bank of America reiterated a “buy” rating and set a $64.00 price objective on shares of Devon Energy in a research note on Friday, June 14th. Finally, JPMorgan Chase & Co. increased their target price on Devon Energy from $62.00 to $64.00 and gave the stock an “overweight” rating in a report on Monday, July 8th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $59.25.

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the transaction, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is owned by insiders.

Devon Energy Stock Performance

Shares of DVN traded down $0.72 on Friday, reaching $47.75. 4,993,511 shares of the company’s stock traded hands, compared to its average volume of 7,249,239. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46. The stock has a market cap of $30.17 billion, a PE ratio of 9.11, a PEG ratio of 1.26 and a beta of 2.07. The stock’s 50 day simple moving average is $47.54 and its two-hundred day simple moving average is $47.10. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.06. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the company earned $1.46 earnings per share. The business’s revenue for the quarter was down 5.9% on a year-over-year basis. On average, analysts forecast that Devon Energy Co. will post 5.36 earnings per share for the current fiscal year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 14th were issued a $0.22 dividend. The ex-dividend date was Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.84%. Devon Energy’s dividend payout ratio is currently 16.79%.

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.