Argentarii LLC Invests $242,000 in Devon Energy Co. (NYSE:DVN)

Argentarii LLC acquired a new position in shares of Devon Energy Co. (NYSE:DVN) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 7,398 shares of the energy company’s stock, valued at approximately $242,000.

Several other hedge funds and other institutional investors have also made changes to their positions in DVN. Principal Financial Group Inc. boosted its position in shares of Devon Energy by 1.0% during the third quarter. Principal Financial Group Inc. now owns 731,978 shares of the energy company’s stock worth $28,635,000 after buying an additional 7,487 shares during the period. Capital Performance Advisors LLP acquired a new stake in Devon Energy in the third quarter worth approximately $35,000. Equitable Trust Co. lifted its position in Devon Energy by 6.4% in the third quarter. Equitable Trust Co. now owns 6,328 shares of the energy company’s stock worth $248,000 after purchasing an additional 379 shares during the period. Verdence Capital Advisors LLC acquired a new stake in Devon Energy in the third quarter worth approximately $368,000. Finally, Field & Main Bank lifted its position in Devon Energy by 16.1% in the third quarter. Field & Main Bank now owns 10,830 shares of the energy company’s stock worth $424,000 after purchasing an additional 1,505 shares during the period. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $34.74 on Monday. Devon Energy Co. has a 12-month low of $30.39 and a 12-month high of $55.09. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57. The company has a market cap of $22.54 billion, a P/E ratio of 7.62, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The company’s fifty day moving average is $35.24 and its two-hundred day moving average is $37.63.

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

Devon Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.24 dividend. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.76%. Devon Energy’s dividend payout ratio is 21.05%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DVN shares. Raymond James upped their target price on Devon Energy from $53.00 to $54.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Truist Financial upped their target price on Devon Energy from $42.00 to $44.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Citigroup cut their target price on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Cowen downgraded Devon Energy to a “hold” rating and cut their price objective for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Finally, Mizuho cut their price objective 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. 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 an average 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.