Williams & Novak LLC Makes New Investment in Devon Energy Co. (NYSE:DVN)

Williams & Novak LLC purchased a new stake in Devon Energy Co. (NYSE:DVN) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 8,222 shares of the energy company’s stock, valued at approximately $269,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Algert Global LLC grew its stake in shares of Devon Energy by 17.8% during the second quarter. Algert Global LLC now owns 9,719 shares of the energy company’s stock worth $461,000 after buying an additional 1,466 shares during the last quarter. Creative Planning boosted its holdings in shares of Devon Energy by 5.9% during the 2nd quarter. Creative Planning now owns 98,957 shares of the energy company’s stock valued at $4,691,000 after acquiring an additional 5,476 shares in the last quarter. NewEdge Advisors LLC grew its position in Devon Energy by 15.6% during the 2nd quarter. NewEdge Advisors LLC now owns 191,109 shares of the energy company’s stock worth $9,059,000 after acquiring an additional 25,825 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Devon Energy by 13.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 41,610 shares of the energy company’s stock worth $1,972,000 after purchasing an additional 4,933 shares in the last quarter. Finally, Quarry LP raised its position in Devon Energy by 32.1% in the second quarter. Quarry LP now owns 1,832 shares of the energy company’s stock valued at $87,000 after purchasing an additional 445 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of several research reports. Wells Fargo & Company reduced their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Truist Financial reduced their target price on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating on the stock in a report on Monday, January 13th. Citigroup dropped their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Benchmark raised shares of Devon Energy from a “hold” rating to a “buy” rating and set a $44.00 price objective on the stock in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group assumed coverage on Devon Energy in a research report on Thursday, October 3rd. They set a “hold” rating and a $45.00 target price for the company. Nine analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Devon Energy presently has an average rating of “Moderate Buy” and a consensus price target of $49.41.

Devon Energy Stock Performance

Shares of Devon Energy stock opened at $34.88 on Wednesday. The business has a 50-day simple moving average of $35.14 and a 200 day simple moving average of $39.70. The firm has a market capitalization of $22.91 billion, a price-to-earnings ratio of 6.47, a PEG ratio of 1.21 and a beta of 2.00. 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 one year low of $30.39 and a one year high of $55.09.

Devon Energy (NYSE:DVN) last issued its 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 company had revenue of $4.02 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the firm earned $1.65 earnings per share. Devon Energy’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, research analysts anticipate that Devon Energy Co. will post 4.7 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

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

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.