Wealth Effects LLC Boosts Stake in Devon Energy Co. (NYSE:DVN)

Wealth Effects LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN - Free Report) by 185.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,432 shares of the energy company's stock after buying an additional 19,759 shares during the period. Wealth Effects LLC's holdings in Devon Energy were worth $996,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in DVN. William B. Walkup & Associates Inc. purchased a new stake in Devon Energy in the second quarter valued at $1,026,000. Bridgewater Associates LP acquired a new stake in Devon Energy during the third quarter worth about $9,426,000. Legacy Investment Solutions LLC purchased a new position in Devon Energy during the third quarter valued at approximately $8,002,000. Petrus Trust Company LTA lifted its holdings in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company's stock valued at $854,000 after acquiring an additional 17,415 shares during the period. Finally, CIBC Asset Management Inc boosted its position in Devon Energy by 6.3% in the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company's stock worth $4,193,000 after purchasing an additional 6,358 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

DVN has been the topic of a number of recent analyst reports. StockNews.com raised shares of Devon Energy from a "sell" rating to a "hold" rating in a report on Friday, January 3rd. TD Cowen dropped their target price on Devon Energy from $54.00 to $46.00 and set a "hold" rating on the stock in a research report on Tuesday, November 5th. Evercore ISI reduced their price target on Devon Energy from $55.00 to $50.00 and set an "in-line" rating for the company in a report on Monday, September 30th. JPMorgan Chase & Co. lowered Devon Energy from an "overweight" rating to a "neutral" rating and set a $43.00 price objective on the stock. in a report on Thursday, December 5th. Finally, Truist Financial cut their price objective on Devon Energy from $43.00 to $42.00 and set a "hold" rating for the company in a research report on Monday, January 13th. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, Devon Energy has an average rating of "Moderate Buy" and a consensus price target of $49.41.

Devon Energy Trading Down 1.3 %

Shares of Devon Energy stock traded down $0.45 during trading hours on Tuesday, hitting $34.88. The company's stock had a trading volume of 6,956,578 shares, compared to its average volume of 10,255,049. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.01 and a current ratio of 1.11. The stock has a market cap of $22.91 billion, a price-to-earnings ratio of 6.47, a P/E/G ratio of 1.21 and a beta of 2.00. The firm has a fifty day moving average of $35.20 and a 200-day moving average of $39.78. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09.

Devon Energy (NYSE:DVN - Get Free Report) last issued its earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The firm had revenue of $4.02 billion for the quarter, compared to analysts' expectations of $3.72 billion. During the same quarter last year, the company earned $1.65 earnings per share. The firm's revenue was up 4.9% compared to the same quarter last year. Research analysts forecast that Devon Energy Co. will post 4.7 EPS for the current year.

Devon Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a dividend of $0.22 per share. The ex-dividend date was Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.52%. Devon Energy's payout ratio is currently 16.33%.

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.