Smith Anglin Financial LLC Takes Position in Devon Energy Co. (NYSE:DVN)

Smith Anglin Financial LLC purchased a new stake in Devon Energy Co. (NYSE:DVN - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,980 shares of the energy company's stock, valued at approximately $228,000.

A number of other institutional investors and hedge funds also recently modified their holdings of DVN. EnCap Energy Capital Fund XI L.P. purchased a new position in shares of Devon Energy during the third quarter valued at $461,857,000. EnCap Partners GP LLC purchased a new position in Devon Energy during the 3rd quarter valued at about $408,653,000. EnCap Energy Capital Fund X L.P. acquired a new position in shares of Devon Energy in the 3rd quarter valued at about $230,928,000. International Assets Investment Management LLC lifted its position in shares of Devon Energy by 4,125.7% in the third quarter. International Assets Investment Management LLC now owns 2,280,961 shares of the energy company's stock worth $89,231,000 after purchasing an additional 2,226,983 shares in the last quarter. Finally, Pacer Advisors Inc. boosted its holdings 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 purchasing an additional 1,677,652 shares during the period. Institutional investors and hedge funds own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN stock traded up $1.27 during trading on Wednesday, reaching $38.45. 14,546,521 shares of the stock were exchanged, compared to its average volume of 11,551,972. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $25.26 billion, a P/E ratio of 7.13, a price-to-earnings-growth ratio of 1.07 and a beta of 2.00. The stock has a 50 day simple moving average of $35.54 and a 200-day simple moving average of $40.42.

Devon Energy (NYSE:DVN - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.01. The business had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. Devon Energy's quarterly revenue was up 4.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.65 earnings per share. As a group, sell-side analysts anticipate that Devon Energy Co. will post 4.79 earnings per share for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Stockholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy's dividend payout ratio is 16.33%.

Analysts Set New Price Targets

DVN has been the subject of a number of research analyst reports. Sanford C. Bernstein upgraded shares of Devon Energy from a "market perform" rating to an "outperform" rating and set a $45.00 target price for the company in a research report on Wednesday. Wells Fargo & Company dropped their price objective on Devon Energy from $49.00 to $43.00 and set an "overweight" rating on the stock in a report on Tuesday, December 17th. UBS Group cut their price objective on shares of Devon Energy from $53.00 to $47.00 and set a "neutral" rating on the stock in a research report on Wednesday, September 18th. Truist Financial decreased their target price on shares of Devon Energy from $43.00 to $42.00 and set a "hold" rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $49.27.

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.