Cetera Investment Advisers has reduced its stake in Devon Energy Corporation (NYSE: DVN) by 5.3% in the second quarter of 2023. The firm’s latest filing with the Securities and Exchange Commission (SEC) revealed it now holds 264,941 shares of the energy company, down from 279,775 shares after selling 14,834 shares during the period. This reduction brings the value of Cetera’s holdings in Devon Energy to approximately $8.4 million.
Other institutional investors have also been active with their positions in Devon Energy. Vanguard Group Inc. increased its stake by 2.6% during the first quarter, now owning 82,780,738 shares valued at around $3.1 billion. Similarly, Geode Capital Management LLC raised its position by 1.2% in the second quarter, bringing its total to 18,595,683 shares worth about $589.4 million.
Additionally, Northern Trust Corp boosted its holdings by 5.1%, now owning 6,577,195 shares, while Ameriprise Financial Inc. significantly increased its stake by 81.1%, acquiring an additional 2,252,918 shares to reach a total of 5,029,987 shares valued at $188.1 million. Lastly, Charles Schwab Investment Management Inc. enhanced its position by 8.1%, owning 4,706,837 shares worth approximately $176 million. Collectively, institutional investors hold 69.72% of Devon Energy’s stock.
Current Stock Performance and Dividends
On October 13, 2023, shares of Devon Energy opened at $35.63. The company has experienced a twelve-month low of $25.89 and a high of $39.65. Devon Energy currently has a market capitalization of $22.35 billion and maintains a price-to-earnings ratio of 7.99 alongside a price-to-earnings-growth ratio of 2.49. The company’s debt-to-equity ratio stands at 0.55.
Devon Energy also announced a quarterly dividend of $0.24 per share, scheduled for payment on December 30, 2023, to shareholders of record as of December 15, 2023. This dividend represents an annualized yield of 2.7% and a dividend payout ratio (DPR) of 22.59%.
Analyst Ratings and Price Targets
Recent commentary from equity analysts reflects varying perspectives on Devon Energy’s stock. On October 14, 2023, Morgan Stanley reduced its price target from $49.00 to $47.00, maintaining an “overweight” rating. Conversely, Evercore ISI increased its target from $34.00 to $37.00, issuing an “in-line” rating.
Other analysts have also weighed in, with Royal Bank of Canada establishing a price objective of $42.00 and Susquehanna raising its target price from $40.00 to $42.00, both recommending a “positive” rating. Piper Sandler adjusted its price target from $57.00 to $55.00, continuing to rate the stock as “overweight.”
The consensus among analysts currently rates Devon Energy with an average of “Moderate Buy” and a consensus price target of $43.79. One analyst has assigned a “Strong Buy” rating, while others have issued “Buy” ratings, “Hold” ratings, and one has given a “Sell” rating.
Founded in 1971 and headquartered in Oklahoma City, Oklahoma, Devon Energy Corporation specializes in the exploration, development, and production of oil, natural gas, and natural gas liquids across key regions in the United States, including the Delaware, Eagle Ford, Anadarko, Williston, and Powder River Basins. As the energy sector continues to evolve, investor interest remains keenly focused on Devon Energy’s performance and strategic developments.
