HITE Hedge Asset Management LLC Acquires Shares of 1,574,137 Devon Energy Co. (NYSE:DVN)

HITE Hedge Asset Management LLC purchased a new position in Devon Energy Co. (NYSE:DVN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,574,137 shares of the energy company's stock, valued at approximately $51,522,000. Devon Energy makes up 3.8% of HITE Hedge Asset Management LLC's investment portfolio, making the stock its 6th biggest holding. HITE Hedge Asset Management LLC owned 0.24% of Devon Energy as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Redwood Wealth Management Group LLC lifted its position in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company's stock worth $266,000 after buying an additional 309 shares during the last quarter. Cornerstone Wealth Management LLC grew its stake in shares of Devon Energy by 1.6% during the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company's stock valued at $695,000 after purchasing an additional 326 shares during the last quarter. Annex Advisory Services LLC increased its position in Devon Energy by 1.2% in the fourth quarter. Annex Advisory Services LLC now owns 27,021 shares of the energy company's stock worth $884,000 after purchasing an additional 327 shares during the period. Independence Bank of Kentucky raised its stake in shares of Devon Energy by 7.8% during the fourth quarter. Independence Bank of Kentucky now owns 4,580 shares of the energy company's stock worth $150,000 after buying an additional 330 shares during the last quarter. Finally, Covestor Ltd boosted its position in shares of Devon Energy by 15.9% in the 4th quarter. Covestor Ltd now owns 2,521 shares of the energy company's stock worth $83,000 after purchasing an additional 345 shares during the last quarter. 69.72% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on DVN. Susquehanna raised their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a report on Thursday, February 20th. Truist Financial lifted their price target on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. UBS Group cut their target price on Devon Energy from $41.00 to $35.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Scotiabank dropped their price objective on shares of Devon Energy from $45.00 to $35.00 and set a "sector outperform" rating for the company in a report on Friday, April 11th. Finally, Mizuho lowered their price objective on shares of Devon Energy from $49.00 to $46.00 and set an "outperform" rating for the company in a research note on Wednesday, April 9th. Ten investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $46.71.

Devon Energy Stock Performance

Shares of Devon Energy stock traded up $0.99 during trading hours on Friday, hitting $30.29. 10,348,261 shares of the company were exchanged, compared to its average volume of 8,469,941. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $53.20. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The business has a 50-day moving average of $33.92 and a 200-day moving average of $35.80. The stock has a market capitalization of $19.66 billion, a price-to-earnings ratio of 6.64, a P/E/G ratio of 1.20 and a beta of 1.50.

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

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 3.17%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date was Friday, March 14th. Devon Energy's dividend payout ratio (DPR) is 21.05%.

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.