Sagespring Wealth Partners LLC Purchases New Shares in Devon Energy Co. (NYSE:DVN)

Sagespring Wealth Partners LLC acquired a new position in Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 10,753 shares of the energy company’s stock, valued at approximately $352,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hurley Capital LLC bought a new position in Devon Energy in the fourth quarter worth about $26,000. Cromwell Holdings LLC grew its holdings in shares of Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the period. Sierra Ocean LLC bought a new position in shares of Devon Energy in the 4th quarter worth approximately $43,000. Endeavor Private Wealth Inc. purchased a new position in shares of Devon Energy in the 4th quarter valued at approximately $52,000. Finally, Thompson Investment Management Inc. grew its stake in Devon Energy by 60.0% in the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the period. 69.72% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Wolfe Research upgraded shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a report on Friday, January 3rd. Barclays boosted their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Susquehanna raised their target price on shares of Devon Energy from $50.00 to $52.00 and gave the company a “positive” rating in a research note on Thursday, February 20th. Wells Fargo & Company cut their price target on Devon Energy from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Piper Sandler lifted their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, February 24th. Ten analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.71.

Devon Energy Trading Down 0.8 %

Devon Energy stock opened at $28.51 on Wednesday. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. Devon Energy Co. has a 12-month low of $25.89 and a 12-month high of $53.20. The firm has a market capitalization of $18.50 billion, a price-to-earnings ratio of 6.25, a P/E/G ratio of 1.20 and a beta of 1.50. The firm has a 50 day moving average of $34.17 and a 200 day moving average of $36.00.

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

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were paid a $0.24 dividend. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.96 dividend on an annualized basis and a yield of 3.37%. Devon Energy’s 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.