SVB Wealth LLC Purchases New Stake in Devon Energy Co. (NYSE:DVN)

SVB Wealth LLC purchased a new stake in shares of Devon Energy Co. (NYSE:DVN) during the 4th quarter, Holdings Channel reports. The fund purchased 7,810 shares of the energy company’s stock, valued at approximately $256,000.

Other large investors have also recently bought and sold shares of the company. Capital Performance Advisors LLP acquired a new position in Devon Energy during the third quarter valued at $35,000. True Wealth Design LLC increased its position in Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the last quarter. Cromwell Holdings LLC increased its position in 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 purchasing an additional 598 shares during the last quarter. Activest Wealth Management increased its position in Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new position in Devon Energy in the 4th quarter worth about $43,000. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $33.64 on Thursday. The business has a 50 day moving average price of $35.07 and a 200 day moving average price of $37.85. 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 $21.83 billion, a price-to-earnings ratio of 7.38, a PEG ratio of 1.20 and a beta of 1.91. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.25 billion. Research analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.85%. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio (DPR) is currently 21.05%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DVN. Susquehanna upped their target price on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a research report on Thursday, February 20th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research report on Friday, January 3rd. JPMorgan Chase & Co. lowered Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a research report on Thursday, December 5th. Piper Sandler upped their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, February 24th. Finally, Raymond James upped their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy 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.