HUB Investment Partners LLC reduced its position in Devon Energy Co. (NYSE:DVN - Free Report) by 53.6% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 55,255 shares of the energy company's stock after selling 63,752 shares during the period. HUB Investment Partners LLC's holdings in Devon Energy were worth $1,808,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy in the third quarter worth $461,857,000. EnCap Partners GP LLC purchased a new position in Devon Energy in the 3rd quarter worth about $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in Devon Energy in the 3rd quarter worth about $230,928,000. Raymond James Financial Inc. bought a new position in Devon Energy during the 4th quarter valued at about $154,170,000. Finally, Pacer Advisors Inc. boosted its holdings in shares of Devon Energy by 16.9% during the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock valued at $453,446,000 after acquiring an additional 1,677,652 shares during the last quarter. 69.72% of the stock is owned by institutional investors.
Devon Energy Trading Up 2.7 %
DVN stock traded up $0.96 during midday trading on Monday, reaching $37.11. 2,028,302 shares of the company traded hands, compared to its average volume of 7,831,954. The firm has a market capitalization of $24.08 billion, a price-to-earnings ratio of 8.14, a P/E/G 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. The business has a 50 day moving average of $35.46 and a 200-day moving average of $36.98. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09.
Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.16. Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The business had revenue of $4.40 billion for the quarter, compared to analysts' expectations of $4.25 billion. As a group, sell-side analysts expect that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.
Devon Energy Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 dividend yield of 2.59%. Devon Energy's dividend payout ratio is currently 21.05%.
Wall Street Analyst Weigh In
Several research analysts have recently weighed in on DVN shares. JPMorgan Chase & Co. decreased their price objective 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. Barclays increased their price target on Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Susquehanna increased their target price on Devon Energy from $50.00 to $52.00 and gave the company a "positive" rating in a report on Thursday, February 20th. Royal Bank of Canada restated a "sector perform" rating and set a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Finally, Piper Sandler increased their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $48.46.
View Our Latest Research Report on Devon Energy
About Devon Energy
(
Free Report)
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.
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