Charles Schwab Investment Management Inc. Boosts Stake in Devon Energy Co. (NYSE:DVN)

Charles Schwab Investment Management Inc. raised its position in shares of Devon Energy Co. (NYSE:DVN) by 3.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,539,574 shares of the energy company’s stock after buying an additional 123,158 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Devon Energy were worth $160,338,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Fielder Capital Group LLC purchased a new position in shares of Devon Energy in the fourth quarter valued at $305,000. Machina Capital S.A.S. bought a new stake in shares of Devon Energy in the 4th quarter worth about $551,000. MeadowBrook Investment Advisors LLC bought a new position in shares of Devon Energy in the 4th quarter valued at about $333,000. Gallacher Capital Management LLC grew its position in Devon Energy by 99.1% in the fourth quarter. Gallacher Capital Management LLC now owns 9,392 shares of the energy company’s stock worth $425,000 after acquiring an additional 4,675 shares in the last quarter. Finally, TCG Advisory Services LLC increased its stake in Devon Energy by 979.8% during the fourth quarter. TCG Advisory Services LLC now owns 146,148 shares of the energy company’s stock worth $6,620,000 after acquiring an additional 132,613 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on DVN. UBS Group lifted their target price on Devon Energy from $48.00 to $57.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Citigroup boosted their price objective on shares of Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, April 11th. Barclays initiated coverage on shares of Devon Energy in a research note on Wednesday, April 10th. They set an “equal weight” rating and a $59.00 price target for the company. Piper Sandler boosted their target price on Devon Energy from $59.00 to $60.00 and gave the company an “overweight” rating in a research report on Friday, April 19th. Finally, Susquehanna increased their price target on Devon Energy from $52.00 to $65.00 and gave the stock a “positive” rating in a report on Monday, April 22nd. Four research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $58.56.

Insider Buying and Selling at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total value of $1,020,800.00. Following the transaction, the executive vice president now directly owns 104,182 shares of the company’s stock, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.63% of the stock is currently owned by company insiders.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $50.85 on Friday. Devon Energy Co. has a one year low of $40.47 and a one year high of $55.09. The company has a market capitalization of $32.14 billion, a PE ratio of 9.70 and a beta of 2.16. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04. The company has a 50-day simple moving average of $50.16 and a two-hundred day simple moving average of $46.35.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.10 by $0.06. The firm had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The business’s revenue for the quarter was down 5.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.46 EPS. Research analysts expect that Devon Energy Co. will post 5.24 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be paid a dividend of $0.22 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.73%. Devon Energy’s payout ratio is 16.79%.

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.