Manning & Napier Advisors LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Manning & Napier Advisors LLC purchased a new position in shares of Devon Energy Co. (NYSE:DVN - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 40,814 shares of the energy company's stock, valued at approximately $1,336,000.

Several other large investors also recently bought and sold shares of the business. Strategic Blueprint LLC boosted its stake in Devon Energy by 85.7% during the fourth quarter. Strategic Blueprint LLC now owns 11,605 shares of the energy company's stock worth $380,000 after buying an additional 5,357 shares during the last quarter. R Squared Ltd purchased a new stake in shares of Devon Energy in the fourth quarter valued at about $125,000. Williams & Novak LLC acquired a new stake in Devon Energy during the fourth quarter worth about $269,000. Wealth Effects LLC raised its stake in Devon Energy by 185.1% during the fourth quarter. Wealth Effects LLC now owns 30,432 shares of the energy company's stock worth $996,000 after purchasing an additional 19,759 shares during the period. Finally, Perigon Wealth Management LLC boosted its holdings in Devon Energy by 7.6% in the 4th quarter. Perigon Wealth Management LLC now owns 6,356 shares of the energy company's stock valued at $208,000 after purchasing an additional 451 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on DVN shares. Mizuho reduced their price target on shares of Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Barclays cut their price objective on Devon Energy from $55.00 to $46.00 and set an "equal weight" rating for the company in a research report on Thursday, October 3rd. Scotiabank reduced their price target on shares of Devon Energy from $60.00 to $48.00 and set a "sector outperform" rating on the stock in a research note on Thursday, October 10th. Wells Fargo & Company lowered their price objective on shares of Devon Energy from $49.00 to $43.00 and set an "overweight" rating for the company in a research report on Tuesday, December 17th. Finally, Piper Sandler upped their price target on Devon Energy from $53.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday. Nine equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $49.45.

Devon Energy Price Performance

Shares of DVN traded down $1.20 during trading hours on Friday, reaching $33.85. The company had a trading volume of 557,932 shares, compared to its average volume of 9,387,225. The company has a market capitalization of $22.24 billion, a price-to-earnings ratio of 6.28, a PEG ratio of 1.10 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The firm has a 50 day simple moving average of $35.00 and a 200-day simple moving average of $39.64.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The company had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same period last year, the company earned $1.65 EPS. The firm's revenue for the quarter was up 4.9% compared to the same quarter last year. Research analysts expect that Devon Energy Co. will post 4.68 earnings per share for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date was Friday, December 13th. Devon Energy's dividend payout ratio is currently 16.33%.

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.