Ninepoint Partners LP Raises Stock Holdings in Devon Energy Co. (NYSE:DVN)

Ninepoint Partners LP lifted its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 12.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 450,000 shares of the energy company's stock after buying an additional 50,000 shares during the period. Devon Energy comprises about 2.2% of Ninepoint Partners LP's holdings, making the stock its 10th largest position. Ninepoint Partners LP owned approximately 0.07% of Devon Energy worth $14,728,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Cromwell Holdings LLC boosted its position in Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after purchasing an additional 598 shares during the last quarter. Sierra Ocean LLC purchased a new position in Devon Energy during the fourth quarter valued at approximately $43,000. True Wealth Design LLC grew its position in shares of Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after purchasing an additional 1,089 shares in the last quarter. Activest Wealth Management increased its stake in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company's stock worth $50,000 after acquiring an additional 480 shares during the last quarter. Finally, Endeavor Private Wealth Inc. bought a new position in shares of Devon Energy in the fourth quarter worth approximately $52,000. Institutional investors own 69.72% of the company's stock.

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Devon Energy Stock Performance

Shares of NYSE DVN traded up $0.09 during midday trading on Thursday, hitting $36.14. 6,913,289 shares of the stock traded hands, compared to its average volume of 7,819,186. The firm has a market capitalization of $23.46 billion, a P/E ratio of 7.93, a PEG ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The firm has a 50-day moving average of $35.44 and a two-hundred day moving average of $37.13.

Devon Energy (NYSE:DVN - Get Free Report) last announced its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. On average, equities analysts forecast that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. This is a boost from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.66%. Devon Energy's dividend payout ratio (DPR) is presently 21.05%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Royal Bank of Canada restated a "sector perform" rating and set a $50.00 price target on shares of Devon Energy in a research report on Friday, January 10th. JPMorgan Chase & Co. lowered their price target on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating for the company in a report on Thursday, March 13th. Wells Fargo & Company dropped their price target on Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research note on Tuesday, December 17th. Truist Financial lifted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Finally, Citigroup reduced their target price on shares of Devon Energy from $48.00 to $46.00 and set a "buy" rating on the stock in a research report on Monday. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $48.46.

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.