Empowered Funds LLC Boosts Stock Position in Devon Energy Co. (NYSE:DVN)

Empowered Funds LLC boosted its position in shares of Devon Energy Co. (NYSE:DVN) by 52.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 710,952 shares of the energy company’s stock after purchasing an additional 246,059 shares during the period. Devon Energy makes up 0.4% of Empowered Funds LLC’s holdings, making the stock its 27th biggest holding. Empowered Funds LLC owned 0.11% of Devon Energy worth $27,812,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in DVN. Triad Wealth Partners LLC purchased a new stake in shares of Devon Energy in the 2nd quarter valued at $27,000. 1620 Investment Advisors Inc. acquired a new stake in Devon Energy during the 2nd quarter worth approximately $34,000. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy during the third quarter worth $35,000. PSI Advisors LLC grew its stake in Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock worth $36,000 after purchasing an additional 300 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Devon Energy during the first quarter worth about $39,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

Shares of DVN opened at $39.46 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.11 and a quick ratio of 1.01. Devon Energy Co. has a 12-month low of $37.76 and a 12-month high of $55.09. The business’s fifty day moving average price is $40.15 and its 200 day moving average price is $44.52. The stock has a market capitalization of $25.92 billion, a PE ratio of 7.30, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, November 5th. The energy company reported $1.10 EPS for the quarter, beating the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The company had revenue of $4.02 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the company earned $1.65 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. Equities research analysts forecast that Devon Energy Co. will post 4.84 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Friday, December 13th will be given a $0.22 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.88 dividend on an annualized basis and a yield of 2.23%. Devon Energy’s dividend payout ratio (DPR) is 16.33%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on DVN. Susquehanna lowered their price objective on Devon Energy from $63.00 to $62.00 and set a “positive” rating for the company in a research report on Friday, October 18th. Wells Fargo & Company dropped their target price on shares of Devon Energy from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Thursday, November 7th. Jefferies Financial Group initiated coverage on Devon Energy in a research note on Thursday, October 3rd. They set a “hold” rating and a $45.00 price target on the stock. Truist Financial downgraded shares of Devon Energy from a “buy” rating to a “hold” rating and reduced their price target for the company from $49.00 to $43.00 in a research report on Thursday, November 7th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $57.00 target price on shares of Devon Energy in a research note on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $51.80.

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.