Jacobi Capital Management LLC Increases Holdings in Devon Energy Co. (NYSE:DVN)

Jacobi Capital Management LLC raised its stake in shares of Devon Energy Co. (NYSE:DVN) by 12.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 8,121 shares of the energy company’s stock after buying an additional 887 shares during the period. Jacobi Capital Management LLC’s holdings in Devon Energy were worth $266,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Capital Performance Advisors LLP purchased a new stake in shares of Devon Energy in the 3rd quarter worth $35,000. True Wealth Design LLC increased its stake in shares of Devon Energy by 3,889.3% in the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares in the last quarter. Cromwell Holdings LLC increased its stake in shares of Devon Energy by 98.0% in the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Hazlett Burt & Watson Inc. increased its stake in shares of Devon Energy by 29.8% in the 3rd quarter. Hazlett Burt & Watson Inc. now owns 1,263 shares of the energy company’s stock worth $49,000 after purchasing an additional 290 shares in the last quarter. Finally, Activest Wealth Management increased its stake in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock worth $50,000 after purchasing an additional 480 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Down 5.1 %

Shares of NYSE DVN opened at $34.37 on Tuesday. The firm’s 50-day moving average price is $35.01 and its 200-day moving average price is $37.93. The company has a current ratio of 1.04, a quick ratio of 1.01 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $22.31 billion, a price-to-earnings ratio of 7.54, a P/E/G ratio of 1.20 and a beta of 1.98. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09.

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

Devon Energy Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.79%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio is currently 21.05%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Benchmark restated a “buy” rating and issued a $44.00 price objective on shares of Devon Energy in a research note on Thursday, February 20th. Truist Financial upped their target price on shares of Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Piper Sandler upped their target price on shares of Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. StockNews.com raised shares of Devon Energy from a “sell” rating to a “hold” rating in a report on Friday, January 3rd. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $48.87.

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.