Devon Energy Co. (NYSE:DVN) Position Increased by Segment Wealth Management LLC

Segment Wealth Management LLC lifted its holdings in Devon Energy Co. (NYSE:DVN) by 4.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 8,952 shares of the energy company’s stock after buying an additional 385 shares during the quarter. Segment Wealth Management LLC’s holdings in Devon Energy were worth $293,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. William B. Walkup & Associates Inc. acquired a new position in Devon Energy in the second quarter valued at approximately $1,026,000. Bridgewater Associates LP bought a new stake in shares of Devon Energy in the 3rd quarter worth approximately $9,426,000. Legacy Investment Solutions LLC acquired a new position in Devon Energy during the 3rd quarter valued at approximately $8,002,000. Petrus Trust Company LTA grew its stake in Devon Energy by 394.7% during the 3rd quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the last quarter. Finally, CIBC Asset Management Inc increased its position in Devon Energy by 6.3% in the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after buying an additional 6,358 shares during the period. 69.72% of the stock is owned by institutional investors and hedge funds.

Devon Energy Stock Performance

Shares of NYSE DVN opened at $36.73 on Wednesday. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The stock has a market capitalization of $24.13 billion, a price-to-earnings ratio of 6.81, a PEG ratio of 1.26 and a beta of 2.00. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. The stock’s fifty day simple moving average is $35.43 and its 200 day simple moving average is $40.07.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, November 5th. The energy company reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.01. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $3.72 billion. During the same quarter in the previous year, the company earned $1.65 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Devon Energy Co. will post 4.68 earnings per share for the current fiscal year.

Devon Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a yield of 2.40%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is 16.33%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. Truist Financial lowered their price target on shares of Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research report on Monday, January 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a research report on Friday, January 10th. Mizuho cut their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. BMO Capital Markets decreased their price objective on Devon Energy from $52.00 to $48.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Finally, Barclays cut their target price on Devon Energy from $55.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 3rd. Nine investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $49.27.

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.