Smith Anglin Financial LLC Invests $228,000 in Devon Energy Co. (NYSE:DVN)

Smith Anglin Financial LLC purchased a new position in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 6,980 shares of the energy company’s stock, valued at approximately $228,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Foundation Resource Management Inc. lifted its position in Devon Energy by 2.3% during the fourth quarter. Foundation Resource Management Inc. now owns 87,739 shares of the energy company’s stock valued at $2,872,000 after buying an additional 1,957 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Devon Energy by 312.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 328,029 shares of the energy company’s stock valued at $10,736,000 after acquiring an additional 248,509 shares in the last quarter. San Luis Wealth Advisors LLC increased its holdings in shares of Devon Energy by 39.2% during the fourth quarter. San Luis Wealth Advisors LLC now owns 19,756 shares of the energy company’s stock valued at $647,000 after acquiring an additional 5,561 shares in the last quarter. Rockland Trust Co. increased its holdings in Devon Energy by 15.6% in the 4th quarter. Rockland Trust Co. now owns 6,395 shares of the energy company’s stock worth $209,000 after buying an additional 865 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC increased its holdings in Devon Energy by 35.4% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 15,240 shares of the energy company’s stock worth $499,000 after buying an additional 3,981 shares in the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on DVN. Evercore ISI reduced their price objective 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. Mizuho lowered their price objective on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating on the stock in a research report on Friday, October 18th. UBS Group lowered their price objective on Devon Energy from $53.00 to $47.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 18th. Finally, Piper Sandler lowered their price objective on Devon Energy from $57.00 to $53.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Nine analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.27.

Devon Energy Trading Up 0.9 %

Shares of DVN opened at $37.53 on Wednesday. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The company has a market cap of $24.65 billion, a P/E ratio of 6.96, a P/E/G ratio of 1.07 and a beta of 2.00. 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’s fifty day simple moving average is $35.58 and its 200-day simple moving average is $40.49.

Devon Energy (NYSE:DVN) last announced 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. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. Devon Energy had a net margin of 21.71% and a return on equity of 24.73%. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.65 earnings per share. As a group, analysts expect that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.34%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio 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.