Outfitter Financial LLC Invests $797,000 in Devon Energy Co. (NYSE:DVN)

Outfitter Financial LLC bought a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 24,350 shares of the energy company's stock, valued at approximately $797,000.

A number of other hedge funds have also recently modified their holdings of DVN. Geode Capital Management LLC increased its stake in Devon Energy by 1.3% in the 3rd quarter. Geode Capital Management LLC now owns 15,892,970 shares of the energy company's stock worth $619,747,000 after buying an additional 206,884 shares during the period. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy during the third quarter worth approximately $461,857,000. Pacer Advisors Inc. increased its position in shares of Devon Energy by 16.9% during the third quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company's stock worth $453,446,000 after acquiring an additional 1,677,652 shares during the period. EnCap Partners GP LLC bought a new stake in shares of Devon Energy during the third quarter valued at approximately $408,653,000. Finally, Victory Capital Management Inc. boosted its holdings in shares of Devon Energy by 3.8% in the third quarter. Victory Capital Management Inc. now owns 9,971,343 shares of the energy company's stock valued at $390,079,000 after purchasing an additional 361,968 shares during the period. Institutional investors own 69.72% of the company's stock.

Analyst Ratings Changes

DVN has been the topic of several research reports. Cowen downgraded Devon Energy to a "hold" rating and reduced their price objective for the stock from $46.00 to $45.00 in a report on Tuesday. Wells Fargo & Company cut their price target on Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research note on Tuesday, December 17th. Truist Financial upped their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the stock a "hold" rating in a research note on Thursday. Mizuho cut their target price 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. Finally, Barclays upped their price target on shares of Devon Energy from $43.00 to $44.00 and gave the stock an "equal weight" rating in a research report on Thursday. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. Based on data from MarketBeat, Devon Energy presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.83.

Devon Energy Stock Performance

Shares of Devon Energy stock traded down $1.07 during midday trading on Friday, hitting $37.49. The company had a trading volume of 11,529,242 shares, compared to its average volume of 9,796,612. The company has a fifty day simple moving average of $34.47 and a 200 day simple moving average of $38.37. The stock has a market cap of $24.62 billion, a price-to-earnings ratio of 8.22, a PEG ratio of 1.17 and a beta of 1.98. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last posted its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (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 net margin of 18.14% and a return on equity of 22.52%. As a group, analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.56%. This is a boost from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's payout ratio is currently 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.