KLP Kapitalforvaltning AS Takes Position in Devon Energy Co. (NYSE:DVN)

KLP Kapitalforvaltning AS purchased a new position in shares of Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 212,400 shares of the energy company’s stock, valued at approximately $6,952,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Devon Energy by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,881,720 shares of the energy company’s stock valued at $151,853,000 after buying an additional 69,442 shares during the period. Great Valley Advisor Group Inc. lifted its holdings in Devon Energy by 17.4% in the third quarter. Great Valley Advisor Group Inc. now owns 7,226 shares of the energy company’s stock valued at $283,000 after acquiring an additional 1,073 shares during the period. Cerity Partners LLC boosted its position in shares of Devon Energy by 97.7% during the 3rd quarter. Cerity Partners LLC now owns 208,596 shares of the energy company’s stock worth $8,160,000 after purchasing an additional 103,094 shares in the last quarter. Algert Global LLC grew its stake in shares of Devon Energy by 15.5% during the 3rd quarter. Algert Global LLC now owns 11,229 shares of the energy company’s stock worth $439,000 after purchasing an additional 1,510 shares during the period. Finally, StoneX Group Inc. increased its holdings in shares of Devon Energy by 3.1% in the 3rd quarter. StoneX Group Inc. now owns 21,865 shares of the energy company’s stock valued at $855,000 after purchasing an additional 659 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Stock Performance

Devon Energy stock opened at $36.97 on Tuesday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $24.00 billion, a P/E ratio of 8.11, a PEG ratio of 1.20 and a beta of 1.91. The stock has a fifty day moving average price of $35.46 and a 200 day moving average price of $36.95. 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 (EPS) for the quarter, topping 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 analysts’ expectations of $4.25 billion. Equities research analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a dividend yield of 2.60%. Devon Energy’s payout ratio is currently 21.05%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on DVN. Cowen lowered shares of Devon Energy to a “hold” rating and lowered their target price for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Wells Fargo & Company lowered 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. Susquehanna lifted their price objective on Devon Energy from $50.00 to $52.00 and gave the stock a “positive” rating in a report on Thursday, February 20th. Williams Trading set a $50.00 target price on Devon Energy in a report on Wednesday, March 5th. Finally, Benchmark reiterated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research report on Thursday, February 20th. Ten equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $48.46.

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.