Generali Investments CEE investicni spolecnost a.s. Buys New Shares in Devon Energy Co. (NYSE:DVN)

Generali Investments CEE investicni spolecnost a.s. purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 13,900 shares of the energy company’s stock, valued at approximately $455,000.

Several other large investors have also added to or reduced their stakes in DVN. PNC Financial Services Group Inc. lifted its holdings in shares of Devon Energy by 2.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 178,699 shares of the energy company’s stock worth $5,849,000 after purchasing an additional 4,204 shares during the period. Banco Santander S.A. lifted its stake in Devon Energy by 68.9% during the 4th quarter. Banco Santander S.A. now owns 240,499 shares of the energy company’s stock valued at $7,872,000 after acquiring an additional 98,135 shares during the period. Mesirow Financial Investment Management Inc. boosted its holdings in shares of Devon Energy by 34.5% in the 4th quarter. Mesirow Financial Investment Management Inc. now owns 17,620 shares of the energy company’s stock valued at $577,000 after acquiring an additional 4,523 shares during the last quarter. Pacific Heights Asset Management LLC increased its stake in shares of Devon Energy by 14.3% in the fourth quarter. Pacific Heights Asset Management LLC now owns 400,000 shares of the energy company’s stock worth $13,092,000 after acquiring an additional 50,000 shares during the period. Finally, Callan Family Office LLC purchased a new position in shares of Devon Energy during the fourth quarter worth $334,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on DVN. Citigroup lowered their price target on shares of Devon Energy from $55.00 to $48.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Wells Fargo & Company dropped their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Sanford C. Bernstein raised Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Wednesday, January 15th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $50.00 price objective on shares of Devon Energy in a research note on Friday, January 10th. Finally, Piper Sandler boosted their target price on shares of Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Ten research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.87.

Devon Energy Price Performance

Shares of NYSE DVN opened at $34.74 on Friday. The firm has a 50-day simple moving average of $35.24 and a 200-day simple moving average of $37.68. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $22.54 billion, a price-to-earnings ratio of 7.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52 week low of $30.39 and a 52 week high of $55.09.

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

Devon Energy Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.76%. Devon Energy’s payout ratio is presently 21.05%.

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.