GKV Capital Management Co. Inc. Acquires Shares of 24,000 Devon Energy Co. (NYSE:DVN)

GKV Capital Management Co. Inc. bought a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 24,000 shares of the energy company's stock, valued at approximately $786,000.

Several other hedge funds have also recently modified their holdings of DVN. Vanguard Group Inc. boosted its stake in Devon Energy by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company's stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Devon Energy in the 4th quarter valued at $154,170,000. Marshall Wace LLP raised its holdings in Devon Energy by 135.5% in the 4th quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company's stock worth $175,810,000 after purchasing an additional 3,090,585 shares during the period. Invesco Ltd. raised its position in shares of Devon Energy by 32.8% during the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company's stock worth $309,682,000 after purchasing an additional 2,335,473 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Devon Energy by 90.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,724,407 shares of the energy company's stock worth $89,170,000 after buying an additional 1,296,590 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Wall Street Analysts Forecast Growth

DVN has been the subject of several analyst reports. Piper Sandler upped their target price on Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, February 24th. Williams Trading set a $50.00 price target on shares of Devon Energy in a research note on Wednesday, March 5th. Barclays upped their price objective on Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Benchmark reaffirmed a "buy" rating and set a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Finally, StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a report on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Devon Energy presently has an average rating of "Moderate Buy" and an average price target of $46.71.

Devon Energy Trading Down 3.6 %

NYSE DVN traded down $1.10 during trading hours on Monday, hitting $29.21. 2,142,201 shares of the company's stock were exchanged, compared to its average volume of 8,445,353. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The firm has a market capitalization of $18.96 billion, a P/E ratio of 6.41, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. The business's 50 day moving average is $33.92 and its 200-day moving average is $35.76. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $53.20.

Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, beating 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 return on equity of 22.52% and a net margin of 18.14%. As a group, analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were paid a dividend of $0.24 per share. The ex-dividend date of this dividend was Friday, March 14th. This is a positive change from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.29%. Devon Energy's dividend payout ratio is currently 21.05%.

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.