Wealth Effects LLC Purchases 19,759 Shares of Devon Energy Co. (NYSE:DVN)

Wealth Effects LLC lifted its position in Devon Energy Co. (NYSE:DVN) by 185.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,432 shares of the energy company’s stock after buying an additional 19,759 shares during the period. Wealth Effects LLC’s holdings in Devon Energy were worth $996,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in DVN. Marshall Wace LLP lifted its stake in Devon Energy by 368.6% in the second quarter. Marshall Wace LLP now owns 202,740 shares of the energy company’s stock valued at $9,610,000 after buying an additional 159,473 shares in the last quarter. AXA S.A. lifted its position in Devon Energy by 61.9% in the 2nd quarter. AXA S.A. now owns 105,201 shares of the energy company’s stock valued at $4,987,000 after acquiring an additional 40,232 shares in the last quarter. AQR Capital Management LLC lifted its position in Devon Energy by 227.4% in the 2nd quarter. AQR Capital Management LLC now owns 746,040 shares of the energy company’s stock valued at $35,258,000 after acquiring an additional 518,189 shares in the last quarter. Algert Global LLC boosted its stake in Devon Energy by 17.8% in the 2nd quarter. Algert Global LLC now owns 9,719 shares of the energy company’s stock worth $461,000 after purchasing an additional 1,466 shares during the period. Finally, Magnolia Capital Advisors LLC increased its holdings in Devon Energy by 204.8% during the 2nd quarter. Magnolia Capital Advisors LLC now owns 71,058 shares of the energy company’s stock worth $3,368,000 after purchasing an additional 47,742 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Devon Energy Trading Down 1.8 %

Shares of DVN stock opened at $35.33 on Tuesday. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a market capitalization of $23.20 billion, a PE ratio of 6.55, a price-to-earnings-growth ratio of 1.21 and a beta of 2.00. The firm has a 50 day moving average price of $35.20 and a two-hundred day moving average price of $39.78. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.09 by $0.01. The business had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The firm’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $1.65 EPS. As a group, analysts predict that Devon Energy Co. will post 4.7 earnings per share for the current year.

Devon Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 30th. Investors of record on Friday, December 13th were given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s dividend payout ratio is 16.33%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on DVN shares. Raymond James raised their price target on shares of Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research note on Thursday, January 23rd. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research report on Friday, January 3rd. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 price objective for the company. in a research note on Thursday, December 5th. BMO Capital Markets dropped their target price on Devon Energy from $52.00 to $48.00 and set an “outperform” rating on the stock in a report on Friday, October 4th. Finally, Truist Financial decreased their price target on Devon Energy from $43.00 to $42.00 and set a “hold” rating for the company in a research note on Monday, January 13th. Nine equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, Devon Energy presently has an average rating of “Moderate Buy” and an average price target of $49.41.

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.