Strategic Financial Concepts LLC Invests $671,000 in Devon Energy Co. (NYSE:DVN)

Strategic Financial Concepts LLC bought a new stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 20,487 shares of the energy company's stock, valued at approximately $671,000.

A number of other large investors have also recently modified their holdings of DVN. Legacy Investment Solutions LLC bought a new stake in Devon Energy during the third quarter worth about $8,002,000. Bridgewater Associates LP bought a new stake in Devon Energy during the third quarter worth about $9,426,000. Petrus Trust Company LTA boosted its stake in Devon Energy by 394.7% during the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock worth $854,000 after acquiring an additional 17,415 shares in the last quarter. CIBC Asset Management Inc boosted its stake in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after acquiring an additional 6,358 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its stake in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company's stock worth $230,007,000 after acquiring an additional 198,193 shares in the last quarter. Institutional investors own 69.72% of the company's stock.

Devon Energy Stock Performance

DVN stock traded down $1.07 during midday trading on Friday, reaching $37.49. 11,529,242 shares of the company's stock traded hands, compared to its average volume of 8,567,562. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market cap of $24.33 billion, a P/E ratio of 8.22, a PEG ratio of 1.20 and a beta of 1.98. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock's 50-day moving average is $34.47 and its 200 day moving average is $38.37.

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

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy's previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.56%. Devon Energy's dividend payout ratio is 19.30%.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. Piper Sandler boosted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 29th. Wolfe Research raised shares of Devon Energy from a "peer perform" rating to an "outperform" rating and set a $45.00 price objective on the stock in a research note on Friday, January 3rd. TD Cowen dropped their price objective on shares of Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research note on Tuesday, November 5th. StockNews.com upgraded shares of Devon Energy from a "sell" rating to a "hold" rating in a research note on Friday, January 3rd. Finally, Susquehanna upped their target price on shares of Devon Energy from $50.00 to $52.00 and gave the stock a "positive" rating in a research note on Thursday. Ten 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 an average rating of "Moderate Buy" and a consensus target price of $48.83.

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.