Sovereign s Capital Management LLC Takes $987,000 Position in Devon Energy Co. (NYSE:DVN)

Sovereign s Capital Management LLC bought a new stake in Devon Energy Co. (NYSE:DVN) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 30,151 shares of the energy company’s stock, valued at approximately $987,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Devon Energy by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 80,682,170 shares of the energy company’s stock worth $2,640,727,000 after purchasing an additional 5,465,692 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Devon Energy in the fourth quarter valued at $154,170,000. Fuller & Thaler Asset Management Inc. raised its position in Devon Energy by 42.8% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 10,395,225 shares of the energy company’s stock worth $340,236,000 after acquiring an additional 3,114,656 shares in the last quarter. Marshall Wace LLP raised its position in Devon Energy by 135.5% during the fourth quarter. Marshall Wace LLP now owns 5,371,518 shares of the energy company’s stock worth $175,810,000 after acquiring an additional 3,090,585 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Devon Energy by 32.8% in the 4th quarter. Invesco Ltd. now owns 9,461,719 shares of the energy company’s stock valued at $309,682,000 after acquiring an additional 2,335,473 shares during the period. Institutional investors own 69.72% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Benchmark reaffirmed a “buy” rating and issued a $44.00 target price on shares of Devon Energy in a report on Thursday, February 20th. JPMorgan Chase & Co. dropped their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a research note on Thursday, March 13th. Williams Trading set a $50.00 price objective on Devon Energy in a research report on Wednesday, March 5th. Piper Sandler decreased their target price on Devon Energy from $56.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, May 13th. Finally, Citigroup dropped their price target on Devon Energy from $46.00 to $43.00 and set a “buy” rating on the stock in a research note on Friday, April 4th. Ten equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.83.

Devon Energy Trading Down 0.4%

Shares of NYSE:DVN opened at $33.26 on Monday. The business’s 50 day simple moving average is $32.50 and its 200 day simple moving average is $34.51. Devon Energy Co. has a 1 year low of $25.89 and a 1 year high of $50.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. The company has a market capitalization of $21.35 billion, a P/E ratio of 7.29, a P/E/G ratio of 1.20 and a beta of 1.00.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, May 6th. The energy company reported $1.21 earnings per share for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 18.14% and a return on equity of 22.52%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter in the previous year, the company posted $1.16 earnings per share. The business’s revenue was up 23.8% compared to the same quarter last year. On average, research analysts anticipate that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.24 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a yield of 2.89%. Devon Energy’s payout ratio is 21.87%.

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.