Monaco Asset Management SAM Makes New $6.55 Million Investment in Devon Energy Co. (NYSE:DVN)

Monaco Asset Management SAM acquired a new position in Devon Energy Co. (NYSE:DVN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 200,000 shares of the energy company's stock, valued at approximately $6,546,000. Devon Energy accounts for approximately 0.9% of Monaco Asset Management SAM's investment portfolio, making the stock its 11th biggest position.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Atria Investments Inc boosted its stake in Devon Energy by 4.2% in the third quarter. Atria Investments Inc now owns 84,990 shares of the energy company's stock valued at $3,325,000 after acquiring an additional 3,393 shares in the last quarter. Covestor Ltd increased its holdings in Devon Energy by 312.1% in the third quarter. Covestor Ltd now owns 2,176 shares of the energy company's stock valued at $85,000 after buying an additional 1,648 shares in the last quarter. Nations Financial Group Inc. IA ADV purchased a new position in Devon Energy in the third quarter valued at $592,000. Apollon Wealth Management LLC increased its holdings in Devon Energy by 9.4% in the third quarter. Apollon Wealth Management LLC now owns 43,277 shares of the energy company's stock valued at $1,693,000 after buying an additional 3,715 shares in the last quarter. Finally, OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Devon Energy during the third quarter worth about $333,000. 69.72% of the stock is owned by hedge funds and other institutional investors.

Devon Energy Trading Up 0.7 %

Shares of NYSE DVN traded up $0.24 during midday trading on Tuesday, hitting $35.35. The stock had a trading volume of 7,288,968 shares, compared to its average volume of 7,814,434. The company's 50-day simple moving average is $35.41 and its 200 day simple moving average is $37.20. The firm has a market cap of $22.94 billion, a P/E ratio of 7.75, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01.

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Devon Energy (NYSE:DVN - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion during the quarter, compared to analysts' expectations of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.72%. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is currently 21.05%.

Wall Street Analyst Weigh In

Several research firms have weighed in on DVN. Royal Bank of Canada reiterated a "sector perform" rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Truist Financial increased their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. Citigroup dropped their price objective on shares of Devon Energy from $48.00 to $46.00 and set a "buy" rating on the stock in a research report on Monday. Piper Sandler increased their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, February 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Devon Energy from $48.00 to $42.00 and set a "neutral" rating on the stock in a research report on Thursday, March 13th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $48.46.

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.