Federated Hermes Inc. Has $9 Million Stock Holdings in Devon Energy Co. (NYSE:DVN)

Federated Hermes Inc. grew its stake in Devon Energy Co. (NYSE:DVN) by 186.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 198,608 shares of the energy company’s stock after buying an additional 129,207 shares during the period. Federated Hermes Inc.’s holdings in Devon Energy were worth $8,997,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Avior Wealth Management LLC lifted its holdings in shares of Devon Energy by 4.9% in the third quarter. Avior Wealth Management LLC now owns 4,406 shares of the energy company’s stock valued at $210,000 after purchasing an additional 207 shares in the last quarter. Cornerstone Wealth Management LLC lifted its holdings in shares of Devon Energy by 1.9% in the third quarter. Cornerstone Wealth Management LLC now owns 11,540 shares of the energy company’s stock valued at $550,000 after purchasing an additional 218 shares in the last quarter. MCF Advisors LLC lifted its holdings in shares of Devon Energy by 9.0% in the third quarter. MCF Advisors LLC now owns 2,681 shares of the energy company’s stock valued at $128,000 after purchasing an additional 222 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Devon Energy by 2.1% in the third quarter. Clearbridge Investments LLC now owns 11,887 shares of the energy company’s stock valued at $567,000 after purchasing an additional 239 shares in the last quarter. Finally, KG&L Capital Management LLC lifted its holdings in shares of Devon Energy by 4.0% in the third quarter. KG&L Capital Management LLC now owns 6,547 shares of the energy company’s stock valued at $312,000 after purchasing an additional 250 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the topic of a number of recent research reports. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 target price on shares of Devon Energy in a report on Thursday, March 7th. Truist Financial lifted their price target on Devon Energy from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Monday. Stifel Nicolaus lifted their price target on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley lifted their price target on Devon Energy from $49.00 to $50.00 and gave the stock an “overweight” rating in a report on Monday, April 15th. Finally, Raymond James dropped their price target on Devon Energy from $53.00 to $52.00 and set an “outperform” rating on the stock in a report on Wednesday, January 24th. Five analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.33.

Devon Energy Stock Performance

NYSE:DVN opened at $52.09 on Thursday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm has a market cap of $33.08 billion, a price-to-earnings ratio of 8.93 and a beta of 2.19. The business’s fifty day moving average is $48.51 and its 200 day moving average is $46.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings data on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The company had revenue of $4.15 billion for the quarter, compared to analyst estimates of $3.88 billion. During the same period in the previous year, the company posted $1.66 EPS. The firm’s revenue for the quarter was down 3.6% compared to the same quarter last year. Research analysts predict that Devon Energy Co. will post 5.2 EPS for the current year.

Devon Energy Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.44 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.38%. Devon Energy’s payout ratio is 15.09%.

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.