Morse Asset Management Inc Acquires Shares of 3,215 Devon Energy Co. (NYSE:DVN)

Morse Asset Management Inc acquired a new stake in Devon Energy Co. (NYSE:DVN) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 3,215 shares of the energy company’s stock, valued at approximately $126,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. William B. Walkup & Associates Inc. acquired a new position in Devon Energy in the 2nd quarter valued at $1,026,000. Bridgewater Associates LP acquired a new position in shares of Devon Energy during the 3rd quarter worth $9,426,000. CIBC Asset Management Inc raised its holdings in shares of Devon Energy by 6.3% during the 3rd quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares in the last quarter. Smead Capital Management Inc. raised its holdings in shares of Devon Energy by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock worth $230,007,000 after buying an additional 198,193 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV acquired a new position in shares of Devon Energy during the 3rd quarter worth $592,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on DVN shares. UBS Group lowered their price target on Devon Energy from $53.00 to $47.00 and set a “neutral” rating for the company in a report on Wednesday, September 18th. Morgan Stanley lowered their target price on Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. Truist Financial cut Devon Energy from a “buy” rating to a “hold” rating and lowered their target price for the stock from $49.00 to $43.00 in a report on Thursday, November 7th. Benchmark reaffirmed a “hold” rating on shares of Devon Energy in a report on Tuesday, October 15th. Finally, Piper Sandler upped their target price on Devon Energy from $56.00 to $57.00 and gave the stock an “overweight” rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $51.15.

Devon Energy Stock Down 3.4 %

DVN stock opened at $36.29 on Thursday. The stock’s 50 day simple moving average is $39.55 and its 200 day simple moving average is $43.31. Devon Energy Co. has a fifty-two week low of $36.04 and a fifty-two week high of $55.09. 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 company has a market cap of $23.84 billion, a P/E ratio of 6.73, a price-to-earnings-growth ratio of 1.19 and a beta of 1.99.

Devon Energy (NYSE:DVN) last posted its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the prior year, the business earned $1.65 EPS. The firm’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, research analysts expect that Devon Energy Co. will post 4.79 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Friday, December 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.42%. The ex-dividend date of this dividend is Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

About Devon Energy

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.