Westpac Banking Corp Purchases 26,561 Shares of Devon Energy Corporation $DVN

Westpac Banking Corp grew its position in shares of Devon Energy Corporation (NYSE:DVN) by 1,178.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,815 shares of the energy company’s stock after purchasing an additional 26,561 shares during the period. Westpac Banking Corp’s holdings in Devon Energy were worth $1,010,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in DVN. Caldwell Trust Co purchased a new position in Devon Energy during the second quarter worth about $25,000. PFS Partners LLC purchased a new stake in shares of Devon Energy in the 3rd quarter valued at about $25,000. First Horizon Corp bought a new stake in shares of Devon Energy during the 3rd quarter valued at about $26,000. ORG Partners LLC grew its holdings in shares of Devon Energy by 65.7% during the third quarter. ORG Partners LLC now owns 888 shares of the energy company’s stock worth $31,000 after purchasing an additional 352 shares in the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Devon Energy during the second quarter worth about $34,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

DVN has been the topic of a number of recent analyst reports. Siebert Williams Shank raised their target price on shares of Devon Energy from $46.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, January 26th. Citigroup raised their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company a “buy” rating in a research report on Wednesday, December 17th. Wells Fargo & Company upped their target price on shares of Devon Energy from $43.00 to $51.00 and gave the stock an “overweight” rating in a research report on Friday, February 20th. Susquehanna lifted their price target on Devon Energy from $47.00 to $52.00 and gave the stock a “positive” rating in a research note on Friday, February 20th. Finally, Morgan Stanley decreased their price objective on Devon Energy from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Friday, January 23rd. Twenty-three research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $47.37.

Devon Energy Price Performance

DVN opened at $42.64 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.98 and a quick ratio of 0.90. The stock’s 50 day simple moving average is $39.48 and its 200 day simple moving average is $36.41. The firm has a market cap of $26.44 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 4.04 and a beta of 0.61. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $46.15.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 17th. The energy company reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.01. Devon Energy had a return on equity of 16.28% and a net margin of 15.37%.The firm had revenue of $17.19 billion during the quarter, compared to the consensus estimate of $3.67 billion. During the same quarter in the previous year, the company posted $1.10 earnings per share. The business’s revenue was down 6.4% on a year-over-year basis. As a group, analysts predict that Devon Energy Corporation will post 4.85 earnings per share for the current year.

Devon Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th will be issued a $0.24 dividend. This represents a $0.96 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is 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.