Summit Global Investments Purchases 46,407 Shares of Devon Energy Co. (NYSE:DVN)

Summit Global Investments lifted its position in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 37.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 170,906 shares of the energy company's stock after buying an additional 46,407 shares during the period. Summit Global Investments' holdings in Devon Energy were worth $5,594,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Cromwell Holdings LLC lifted its holdings in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company's stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new stake in Devon Energy in the fourth quarter worth $43,000. True Wealth Design LLC boosted its position in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company's stock valued at $44,000 after buying an additional 1,089 shares during the period. Endeavor Private Wealth Inc. purchased a new stake in Devon Energy during the fourth quarter valued at about $52,000. Finally, Thompson Investment Management Inc. lifted its stake in shares of Devon Energy by 60.0% in the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company's stock valued at $52,000 after acquiring an additional 600 shares during the last quarter. Institutional investors own 69.72% of the company's stock.

Wall Street Analyst Weigh In

DVN has been the topic of a number of analyst reports. Mizuho decreased their price target on Devon Energy from $51.00 to $47.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. Williams Trading set a $50.00 price target on shares of Devon Energy in a report on Wednesday, March 5th. Barclays increased their price target on shares of Devon Energy from $43.00 to $44.00 and gave the company an "equal weight" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price objective 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. Finally, Piper Sandler increased their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, February 24th. Ten investment 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 company has an average rating of "Moderate Buy" and a consensus price target of $48.46.

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Devon Energy Price Performance

Shares of NYSE:DVN remained flat at $36.96 on Tuesday. The stock had a trading volume of 5,932,880 shares, compared to its average volume of 7,844,235. The business has a 50 day moving average price of $35.46 and a 200 day moving average price of $36.92. 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 company has a market capitalization of $23.99 billion, a P/E ratio of 8.11, a PEG ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 1 year low of $30.39 and a 1 year high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate 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, sell-side analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be issued a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy's previous quarterly dividend of $0.22. Devon Energy's dividend payout ratio (DPR) is presently 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.