KLP Kapitalforvaltning AS Invests $6.95 Million in Devon Energy Co. (NYSE:DVN)

KLP Kapitalforvaltning AS acquired a new stake in Devon Energy Co. (NYSE:DVN - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The firm acquired 212,400 shares of the energy company's stock, valued at approximately $6,952,000.

A number of other hedge funds have also bought and sold shares of DVN. AXQ Capital LP purchased a new stake in shares of Devon Energy during the fourth quarter worth $1,493,000. American Century Companies Inc. boosted its stake in shares of Devon Energy by 12.0% during the fourth quarter. American Century Companies Inc. now owns 897,151 shares of the energy company's stock valued at $29,364,000 after purchasing an additional 95,905 shares during the period. Mizuho Securities USA LLC lifted its holdings in Devon Energy by 53.3% in the 4th quarter. Mizuho Securities USA LLC now owns 62,259 shares of the energy company's stock worth $2,038,000 after buying an additional 21,653 shares during the period. Sciencast Management LP lifted its stake in shares of Devon Energy by 4.7% in the 4th quarter. Sciencast Management LP now owns 53,374 shares of the energy company's stock valued at $1,747,000 after purchasing an additional 2,413 shares during the period. Finally, Millstone Evans Group LLC purchased a new stake in Devon Energy in the fourth quarter worth about $97,000. 69.72% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

DVN has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Wolfe Research raised shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective for the company in a report on Friday, January 3rd. Truist Financial increased their price target on Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research report on Thursday, February 20th. 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 report on Tuesday, December 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research note on Thursday, March 13th. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Devon Energy has an average rating of "Moderate Buy" and an average target price of $48.46.

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Devon Energy Stock Performance

NYSE DVN remained flat at $36.96 during trading hours on Tuesday. 5,932,880 shares of the company's stock were exchanged, compared to its average volume of 7,852,756. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09. The company has a market capitalization of $23.99 billion, a PE ratio of 8.11, a P/E/G ratio of 1.20 and a beta of 1.91. The firm has a fifty day moving average price of $35.46 and a 200-day moving average price of $36.92. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

Devon Energy (NYSE:DVN - Get Free Report) last released 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. The company 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, sell-side analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This is an increase from Devon Energy's previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Devon Energy's payout ratio is 21.05%.

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.