HITE Hedge Asset Management LLC Invests $4.11 Million in Devon Energy Co. (NYSE:DVN)

HITE Hedge Asset Management LLC bought a new stake in Devon Energy Co. (NYSE:DVN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 86,626 shares of the energy company’s stock, valued at approximately $4,106,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Triad Wealth Partners LLC bought a new position in Devon Energy during the second quarter worth $27,000. Tradewinds Capital Management LLC bought a new position in shares of Devon Energy in the 1st quarter worth about $30,000. 1620 Investment Advisors Inc. acquired a new position in shares of Devon Energy in the 2nd quarter valued at about $34,000. Jones Financial Companies Lllp lifted its stake in shares of Devon Energy by 104.8% in the 4th quarter. Jones Financial Companies Lllp now owns 731 shares of the energy company’s stock valued at $33,000 after purchasing an additional 374 shares during the period. Finally, PSI Advisors LLC boosted its position in shares of Devon Energy by 66.7% during the 2nd quarter. PSI Advisors LLC now owns 750 shares of the energy company’s stock valued at $36,000 after purchasing an additional 300 shares in the last quarter. Institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Wolfe Research started coverage on Devon Energy in a research note on Thursday, July 18th. They issued a “peer perform” rating on the stock. BMO Capital Markets upgraded Devon Energy to a “strong-buy” rating in a report on Wednesday, July 3rd. Royal Bank of Canada restated a “sector perform” rating and set a $57.00 price objective on shares of Devon Energy in a report on Tuesday, September 3rd. Truist Financial reduced their price target on shares of Devon Energy from $67.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, July 9th. Finally, Wells Fargo & Company lowered their price objective on shares of Devon Energy from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $57.00.

Devon Energy Stock Down 0.3 %

DVN opened at $41.01 on Wednesday. The company has a 50 day moving average of $43.77 and a 200 day moving average of $47.23. The company has a current ratio of 1.11, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. Devon Energy Co. has a 12 month low of $39.02 and a 12 month high of $55.09. The company has a market cap of $25.68 billion, a PE ratio of 7.83, a price-to-earnings-growth ratio of 1.22 and a beta of 2.03.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, August 6th. The energy company reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.15. Devon Energy had a return on equity of 29.14% and a net margin of 22.60%. The business had revenue of $3.92 billion during the quarter, compared to analyst estimates of $3.90 billion. During the same quarter in the previous year, the firm earned $1.18 EPS. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, sell-side analysts expect that Devon Energy Co. will post 5.11 EPS for the current year.

Devon Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Friday, September 13th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, September 13th. Devon Energy’s dividend payout ratio is presently 16.79%.

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.