Petrus Trust Company LTA Has $854,000 Stake in Devon Energy Co. (NYSE:DVN)

Petrus Trust Company LTA raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 394.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,827 shares of the energy company’s stock after buying an additional 17,415 shares during the quarter. Petrus Trust Company LTA’s holdings in Devon Energy were worth $854,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of DVN. William B. Walkup & Associates Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $1,026,000. Bridgewater Associates LP bought a new position in Devon Energy during the third quarter worth about $9,426,000. CIBC Asset Management Inc lifted its stake in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the last quarter. Smead Capital Management Inc. grew its position in shares of Devon Energy by 3.5% in the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after purchasing an additional 198,193 shares during the last quarter. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Devon Energy in the third quarter valued at about $592,000. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Price Performance

DVN stock opened at $37.58 on Wednesday. The business has a 50-day simple moving average of $39.55 and a two-hundred day simple moving average of $43.31. Devon Energy Co. has a 52-week low of $37.15 and a 52-week high of $55.09. The company has a market capitalization of $24.69 billion, a P/E ratio of 6.97, a price-to-earnings-growth ratio of 1.19 and a beta of 1.99. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same quarter last year, the business posted $1.65 EPS. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. Research analysts expect that Devon Energy Co. will post 4.79 EPS for the current fiscal year.

Devon Energy Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Friday, December 13th. Devon Energy’s dividend payout ratio is currently 16.33%.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Barclays cut their price target on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating for the company in a research note on Thursday, October 3rd. Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 price target on shares of Devon Energy in a research note on Tuesday, September 3rd. TD Cowen decreased their target price on shares of Devon Energy from $54.00 to $46.00 and set a “hold” rating on the stock in a research note on Tuesday, November 5th. Susquehanna reduced their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. Finally, Piper Sandler lifted their price target on shares of Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Devon Energy currently has a consensus rating of “Hold” and an average price target of $51.15.

About Devon Energy

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.