New World Advisors LLC Invests $276,000 in Devon Energy Corporation (NYSE:DVN)

New World Advisors LLC purchased a new position in Devon Energy Corporation (NYSE:DVN) in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 7,382 shares of the energy company’s stock, valued at approximately $276,000.

Other large investors have also recently modified their holdings of the company. Covestor Ltd raised its holdings in Devon Energy by 15.9% in the fourth quarter. Covestor Ltd now owns 2,521 shares of the energy company’s stock worth $83,000 after buying an additional 345 shares during the last quarter. Horizon Investments LLC grew its holdings in shares of Devon Energy by 4.1% during the fourth quarter. Horizon Investments LLC now owns 8,843 shares of the energy company’s stock valued at $289,000 after buying an additional 347 shares during the last quarter. Tocqueville Asset Management L.P. increased its position in shares of Devon Energy by 3.0% during the fourth quarter. Tocqueville Asset Management L.P. now owns 12,242 shares of the energy company’s stock valued at $401,000 after acquiring an additional 359 shares in the last quarter. Salem Investment Counselors Inc. raised its holdings in Devon Energy by 46.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 1,257 shares of the energy company’s stock worth $47,000 after acquiring an additional 400 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its holdings in Devon Energy by 14.8% in the 4th quarter. Parkside Financial Bank & Trust now owns 3,130 shares of the energy company’s stock worth $102,000 after acquiring an additional 404 shares during the last quarter. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Analyst Ratings Changes

DVN has been the subject of a number of research analyst reports. Piper Sandler reduced their target price on Devon Energy from $56.00 to $53.00 and set an “overweight” rating for the company in a report on Tuesday, May 13th. Barclays lifted their price objective on Devon Energy from $38.00 to $40.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 7th. Raymond James Financial set a $40.00 target price on Devon Energy in a research report on Monday, April 21st. Morgan Stanley upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the company an “overweight” rating in a research note on Friday, May 23rd. Finally, The Goldman Sachs Group lifted their price target on shares of Devon Energy from $38.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 15th. 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, Devon Energy has a consensus rating of “Moderate Buy” and an average target price of $43.50.

Devon Energy Stock Performance

NYSE:DVN opened at $32.17 on Thursday. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.99 and a current ratio of 1.08. The stock has a 50-day simple moving average of $32.13 and a two-hundred day simple moving average of $33.46. The firm has a market capitalization of $20.66 billion, a PE ratio of 7.33, a P/E/G ratio of 2.41 and a beta of 1.02. Devon Energy Corporation has a 52-week low of $25.89 and a 52-week high of $49.35.

Devon Energy (NYSE:DVN) last announced its quarterly earnings data on Tuesday, May 6th. The energy company reported $1.21 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.27 by ($0.06). Devon Energy had a net margin of 16.60% and a return on equity of 21.90%. The company had revenue of $4.45 billion for the quarter, compared to the consensus estimate of $4.31 billion. During the same quarter last year, the firm posted $1.16 earnings per share. The company’s revenue was up 23.8% compared to the same quarter last year. Analysts forecast that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.98%. Devon Energy’s dividend payout ratio (DPR) is presently 21.87%.

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.