Allstate Corp Purchases Shares of 17,447 Devon Energy Co. (NYSE:DVN)

Allstate Corp acquired a new position in shares of Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,447 shares of the energy company’s stock, valued at approximately $571,000.

Several other large investors also recently made changes to their positions in DVN. DnB Asset Management AS grew its stake in Devon Energy by 6.1% in the fourth quarter. DnB Asset Management AS now owns 125,396 shares of the energy company’s stock valued at $4,104,000 after acquiring an additional 7,170 shares during the period. denkapparat Operations GmbH bought a new position in shares of Devon Energy in the 4th quarter worth $229,000. Nomura Asset Management Co. Ltd. grew its position in Devon Energy by 2.1% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 290,270 shares of the energy company’s stock valued at $9,501,000 after purchasing an additional 5,936 shares during the period. Blair William & Co. IL increased its stake in Devon Energy by 1.1% during the 4th quarter. Blair William & Co. IL now owns 135,871 shares of the energy company’s stock valued at $4,447,000 after purchasing an additional 1,414 shares in the last quarter. Finally, NEOS Investment Management LLC raised its holdings in Devon Energy by 30.9% during the fourth quarter. NEOS Investment Management LLC now owns 36,889 shares of the energy company’s stock worth $1,207,000 after buying an additional 8,707 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Up 0.4 %

Shares of DVN opened at $37.56 on Wednesday. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The business has a 50-day moving average of $35.39 and a 200 day moving average of $36.81. The firm has a market cap of $24.37 billion, a P/E ratio of 8.24, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.16. The firm had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. As a group, research analysts forecast that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were given a dividend of $0.24 per share. The ex-dividend date was Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.56%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on DVN shares. Sanford C. Bernstein upgraded shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Wednesday, January 15th. Piper Sandler boosted their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Raymond James cut their target price on Devon Energy from $54.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, March 10th. Finally, Benchmark reissued a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a research report on Thursday, February 20th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.29.

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.