Federated Hermes Inc. Raises Position in Devon Energy Co. (NYSE:DVN)

Federated Hermes Inc. grew its holdings in Devon Energy Co. (NYSE:DVN - Free Report) by 24.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 455,477 shares of the energy company's stock after acquiring an additional 90,531 shares during the quarter. Federated Hermes Inc. owned about 0.07% of Devon Energy worth $14,908,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. Morse Asset Management Inc purchased a new stake in shares of Devon Energy during the 3rd quarter worth approximately $126,000. Kovitz Investment Group Partners LLC raised its stake in Devon Energy by 49.6% during the 3rd quarter. Kovitz Investment Group Partners LLC now owns 47,904 shares of the energy company's stock worth $1,874,000 after acquiring an additional 15,891 shares in the last quarter. EP Wealth Advisors LLC lifted its position in Devon Energy by 146.3% in the third quarter. EP Wealth Advisors LLC now owns 22,136 shares of the energy company's stock valued at $866,000 after acquiring an additional 13,150 shares during the last quarter. Orion Portfolio Solutions LLC boosted its stake in Devon Energy by 22.2% in the third quarter. Orion Portfolio Solutions LLC now owns 66,387 shares of the energy company's stock valued at $2,597,000 after acquiring an additional 12,062 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its holdings in shares of Devon Energy by 4.6% during the third quarter. Nomura Asset Management Co. Ltd. now owns 284,334 shares of the energy company's stock worth $11,123,000 after purchasing an additional 12,503 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company's stock.

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Devon Energy Price Performance

Devon Energy stock traded up $0.39 during mid-day trading on Monday, reaching $28.62. The company had a trading volume of 1,871,262 shares, compared to its average volume of 10,042,868. The stock's 50-day simple moving average is $34.38 and its 200-day simple moving average is $36.13. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $54.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $18.57 billion, a P/E ratio of 6.28, a P/E/G ratio of 1.20 and a beta of 1.50.

Devon Energy (NYSE:DVN - Get Free Report) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating 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 the consensus estimate of $4.25 billion. On average, equities analysts predict that Devon Energy Co. will post 4.85 EPS 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 given a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date was Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is currently 21.05%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on DVN shares. Sanford C. Bernstein upgraded Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 price target on the stock in a research note on Wednesday, January 15th. Royal Bank of Canada lowered their target price on shares of Devon Energy from $49.00 to $40.00 and set a "sector perform" rating on the stock in a research report on Monday. Truist Financial lifted their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a report on Thursday, February 20th. Morgan Stanley set a $47.00 price objective on shares of Devon Energy and gave the stock an "overweight" rating in a research report on Wednesday, March 26th. Finally, Williams Trading set a $50.00 target price on shares of Devon Energy in a report on Wednesday, March 5th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $46.71.

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.