Devon Energy Co. (NYSE:DVN) Shares Purchased by Payden & Rygel

Payden & Rygel increased its holdings in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 968.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,400 shares of the energy company's stock after buying an additional 33,900 shares during the quarter. Payden & Rygel's holdings in Devon Energy were worth $1,224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in DVN. Cromwell Holdings LLC increased its holdings in shares of Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock valued at $40,000 after acquiring an additional 598 shares in the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy during the 4th quarter valued at approximately $43,000. Endeavor Private Wealth Inc. acquired a new position in Devon Energy during the 4th quarter valued at approximately $52,000. Thompson Investment Management Inc. raised its holdings in shares of Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock worth $52,000 after buying an additional 600 shares during the last quarter. Finally, Asset Planning Inc acquired a new stake in shares of Devon Energy during the fourth quarter worth $54,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Trading Up 1.2 %

NYSE:DVN traded up $0.33 during trading hours on Wednesday, hitting $27.13. The company had a trading volume of 5,531,909 shares, compared to its average volume of 8,275,299. Devon Energy Co. has a 1 year low of $25.46 and a 1 year high of $55.09. 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 company has a 50-day moving average of $34.76 and a 200 day moving average of $36.42. The company has a market cap of $17.61 billion, a P/E ratio of 5.98, a P/E/G ratio of 1.20 and a beta of 1.50.

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Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data 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 net margin of 18.14% and a return on equity of 22.52%. The firm had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Sell-side analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.24 dividend. 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 3.54%. The ex-dividend date of this dividend was Friday, March 14th. Devon Energy's payout ratio is 21.05%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Benchmark restated a "buy" rating and issued a $44.00 target price on shares of Devon Energy in a research note on Thursday, February 20th. Sanford C. Bernstein raised Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a report on Wednesday, January 15th. Piper Sandler raised their price target on shares of Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, February 24th. Susquehanna lifted their price objective on shares of Devon Energy from $50.00 to $52.00 and gave the company a "positive" rating in a research note on Thursday, February 20th. Finally, Wells Fargo & Company cut their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.63.

Devon Energy 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.