Zurcher Kantonalbank Zurich Cantonalbank Has $29.06 Million Stock Position in Devon Energy Corporation $DVN

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Devon Energy Corporation (NYSE:DVN) by 95.6% in the fourth quarter, HoldingsChannel reports. The firm owned 793,194 shares of the energy company’s stock after purchasing an additional 387,654 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Devon Energy were worth $29,055,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in DVN. AQR Capital Management LLC increased its position in shares of Devon Energy by 78.7% during the 2nd quarter. AQR Capital Management LLC now owns 6,360,499 shares of the energy company’s stock worth $202,327,000 after purchasing an additional 2,802,137 shares in the last quarter. Sourcerock Group LLC increased its position in shares of Devon Energy by 2,132.3% during the 2nd quarter. Sourcerock Group LLC now owns 1,751,276 shares of the energy company’s stock worth $55,708,000 after purchasing an additional 1,672,824 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Devon Energy by 446.7% during the 4th quarter. SG Americas Securities LLC now owns 1,236,301 shares of the energy company’s stock worth $45,286,000 after purchasing an additional 1,010,170 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Devon Energy by 704.3% during the 3rd quarter. Wellington Management Group LLP now owns 975,114 shares of the energy company’s stock worth $34,187,000 after purchasing an additional 853,875 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in shares of Devon Energy during the 3rd quarter worth about $24,766,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. TD Cowen raised their price objective on shares of Devon Energy from $46.00 to $50.00 and gave the company a “hold” rating in a research report on Tuesday, March 17th. Tudor Pickering upgraded shares of Devon Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday. Benchmark restated a “buy” rating on shares of Devon Energy in a research report on Friday, January 16th. Truist Financial assumed coverage on shares of Devon Energy in a research report on Tuesday, March 24th. They issued a “buy” rating and a $63.00 price objective for the company. Finally, Piper Sandler raised their price objective on shares of Devon Energy from $59.00 to $67.00 and gave the company an “overweight” rating in a research report on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.96.

Devon Energy Stock Up 1.6%

Shares of NYSE DVN opened at $45.64 on Wednesday. The firm has a market capitalization of $28.36 billion, a PE ratio of 10.94, a price-to-earnings-growth ratio of 0.81 and a beta of 0.47. The company has a current ratio of 0.98, a quick ratio of 0.90 and a debt-to-equity ratio of 0.48. Devon Energy Corporation has a 1 year low of $29.70 and a 1 year high of $52.71. The firm’s 50-day moving average is $46.44 and its 200-day moving average is $39.75.

Devon Energy (NYSE:DVN) last issued its earnings results on Tuesday, February 17th. The energy company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.81 by $0.01. The company had revenue of $4.12 billion for the quarter, compared to analyst estimates of $3.67 billion. Devon Energy had a net margin of 15.37% and a return on equity of 16.28%. The company’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same quarter last year, the firm earned $1.10 EPS. Equities analysts expect that Devon Energy Corporation will post 4.94 EPS for the current year.

Devon Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were paid a $0.24 dividend. This represents a $0.96 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Friday, March 13th. Devon Energy’s dividend payout ratio (DPR) is 23.02%.

Devon Energy 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.