Hussman Strategic Advisors Inc. Purchases Shares of 21,000 Devon Energy Co. (NYSE:DVN)

Hussman Strategic Advisors Inc. purchased a new stake in Devon Energy Co. (NYSE:DVN) during the 4th quarter, Holdings Channel.com reports. The firm purchased 21,000 shares of the energy company’s stock, valued at approximately $687,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. increased its position in shares of Devon Energy by 29.8% in the third quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock valued at $49,000 after acquiring an additional 290 shares during the last quarter. Sfmg LLC increased its position in shares of Devon Energy by 0.5% in the third quarter. Sfmg LLC now owns 64,871 shares of the energy company’s stock valued at $2,538,000 after acquiring an additional 294 shares during the last quarter. Redwood Wealth Management Group LLC increased its position in shares of Devon Energy by 3.9% in the fourth quarter. Redwood Wealth Management Group LLC now owns 8,141 shares of the energy company’s stock valued at $266,000 after acquiring an additional 309 shares during the last quarter. Brighton Jones LLC increased its position in shares of Devon Energy by 0.7% in the third quarter. Brighton Jones LLC now owns 42,510 shares of the energy company’s stock valued at $1,663,000 after acquiring an additional 310 shares during the last quarter. Finally, Cornerstone Wealth Management LLC increased its position in shares of Devon Energy by 1.6% in the fourth quarter. Cornerstone Wealth Management LLC now owns 21,242 shares of the energy company’s stock valued at $695,000 after acquiring an additional 326 shares during the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Shares of DVN opened at $38.60 on Friday. 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 stock has a market capitalization of $25.35 billion, a P/E ratio of 8.46, a price-to-earnings-growth ratio of 1.09 and a beta of 1.98. The firm’s fifty day simple moving average is $34.40 and its two-hundred day simple moving average is $38.40. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last issued its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. The business had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Devon Energy had a net margin of 18.14% and a return on equity of 23.17%. As a group, analysts predict that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.49%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is 19.30%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on DVN. Truist Financial lifted their target price on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday. Citigroup lowered their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Wells Fargo & Company reduced their price target on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a report on Tuesday, December 17th. Cowen cut Devon Energy to a “hold” rating and reduced their price target for the stock from $46.00 to $45.00 in a report on Tuesday. Finally, Piper Sandler lifted their price target on Devon Energy from $53.00 to $54.00 and gave the stock an “overweight” rating in a report on Wednesday, January 29th. Ten investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $48.83.

Devon Energy Company 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.