Fox Run Management L.L.C. Purchases New Shares in Devon Energy Co. (NYSE:DVN)

Fox Run Management L.L.C. purchased a new stake in Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 77,133 shares of the energy company’s stock, valued at approximately $2,525,000. Devon Energy comprises 0.5% of Fox Run Management L.L.C.’s holdings, making the stock its 5th biggest holding.

A number of other institutional investors have also made changes to their positions in DVN. Cromwell Holdings LLC raised its holdings in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock valued at $40,000 after buying an additional 598 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Devon Energy in the fourth quarter valued at about $43,000. True Wealth Design LLC raised its holdings in shares of Devon Energy by 3,889.3% in the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock valued at $44,000 after buying an additional 1,089 shares during the last quarter. Endeavor Private Wealth Inc. bought a new stake in Devon Energy during the 4th quarter worth about $52,000. Finally, Thompson Investment Management Inc. raised its holdings in Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock worth $52,000 after purchasing an additional 600 shares during the last quarter. 69.72% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on DVN shares. Piper Sandler boosted their price objective on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, February 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Mizuho reduced their price target on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. JPMorgan Chase & Co. reduced their price target on Devon Energy from $48.00 to $42.00 and set a “neutral” rating for the company in a research report on Thursday, March 13th. Finally, StockNews.com upgraded Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to MarketBeat.com, Devon Energy has a consensus rating of “Moderate Buy” and an average price target of $48.46.

Devon Energy Stock Performance

DVN opened at $36.18 on Friday. The firm has a market cap of $23.48 billion, a P/E ratio of 7.93, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a 52-week low of $30.39 and a 52-week high of $55.09. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04. The business’s fifty day moving average is $35.46 and its 200-day moving average is $37.06.

Devon Energy (NYSE:DVN) last released its earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. The company had revenue of $4.40 billion for the quarter, compared to analyst estimates of $4.25 billion. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. Sell-side analysts expect that Devon Energy Co. will post 4.85 EPS for the current fiscal year.

Devon Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date is Friday, March 14th. This is a positive change from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 2.65%. Devon Energy’s dividend payout ratio (DPR) is 21.05%.

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.