Advisors Asset Management Inc. Increases Holdings in Devon Energy Co. (NYSE:DVN)

Advisors Asset Management Inc. increased its position in Devon Energy Co. (NYSE:DVN) by 7.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 139,708 shares of the energy company’s stock after acquiring an additional 9,510 shares during the period. Advisors Asset Management Inc.’s holdings in Devon Energy were worth $4,573,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DVN. EnCap Energy Capital Fund XI L.P. acquired a new stake in Devon Energy in the 3rd quarter valued at about $461,857,000. EnCap Partners GP LLC acquired a new stake in shares of Devon Energy in the third quarter valued at approximately $408,653,000. EnCap Energy Capital Fund X L.P. purchased a new position in shares of Devon Energy during the 3rd quarter worth approximately $230,928,000. Raymond James Financial Inc. acquired a new position in shares of Devon Energy during the 4th quarter worth approximately $154,170,000. Finally, Pacer Advisors Inc. lifted its stake in Devon Energy by 16.9% in the 3rd quarter. Pacer Advisors Inc. now owns 11,591,168 shares of the energy company’s stock valued at $453,446,000 after buying an additional 1,677,652 shares in the last quarter. 69.72% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DVN. Williams Trading set a $50.00 price target on Devon Energy in a research report on Wednesday, March 5th. Citigroup cut their target price on shares of Devon Energy from $48.00 to $46.00 and set a “buy” rating for the company in a research note on Monday. Raymond James lowered their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, March 10th. Truist Financial upped their price objective on shares of Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research note on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $48.46.

Devon Energy Trading Up 2.0 %

NYSE DVN opened at $36.08 on Thursday. The firm has a market capitalization of $23.41 billion, a price-to-earnings ratio of 7.91, a PEG ratio of 1.20 and a beta of 1.91. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. Devon Energy Co. has a one year low of $30.39 and a one year high of $55.09. The company’s 50 day moving average price is $35.44 and its 200 day moving average price is $37.13.

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

Devon Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date is Friday, March 14th. This represents a $0.96 annualized dividend and a dividend yield of 2.66%. Devon Energy’s dividend payout ratio is presently 21.05%.

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.