Exchange Traded Concepts LLC Boosts Stock Position in Devon Energy Co. (NYSE:DVN)

Exchange Traded Concepts LLC grew its position in Devon Energy Co. (NYSE:DVN) by 21.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 6,216 shares of the energy company’s stock after purchasing an additional 1,097 shares during the period. Exchange Traded Concepts LLC’s holdings in Devon Energy were worth $203,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of the company. Bridgewater Associates LP purchased a new stake in Devon Energy in the third quarter valued at $9,426,000. Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy in the 3rd quarter valued at about $8,002,000. Petrus Trust Company LTA boosted its stake in shares of Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock worth $854,000 after buying an additional 17,415 shares during the last quarter. CIBC Asset Management Inc grew its holdings in Devon Energy by 6.3% during the third quarter. CIBC Asset Management Inc now owns 107,182 shares of the energy company’s stock worth $4,193,000 after acquiring an additional 6,358 shares during the period. Finally, Smead Capital Management Inc. raised its position in Devon Energy by 3.5% during the third quarter. Smead Capital Management Inc. now owns 5,879,516 shares of the energy company’s stock valued at $230,007,000 after acquiring an additional 198,193 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Stock Performance

DVN opened at $34.09 on Friday. The firm has a market capitalization of $22.39 billion, a PE ratio of 6.32, a PEG ratio of 1.10 and a beta of 2.00. The company has a current ratio of 1.11, a quick ratio of 1.01 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The firm’s 50-day moving average price is $34.89 and its 200 day moving average price is $39.48.

Devon Energy (NYSE:DVN) last issued its 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. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business had revenue of $4.02 billion for the quarter, compared to analysts’ expectations of $3.72 billion. During the same period in the previous year, the firm posted $1.65 EPS. The business’s revenue for the quarter was up 4.9% compared to the same quarter last year. As a group, sell-side analysts expect that Devon Energy Co. will post 4.68 EPS for the current fiscal year.

Devon Energy Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date was Friday, December 13th. Devon Energy’s dividend payout ratio (DPR) is presently 16.33%.

Wall Street Analyst Weigh In

Several research firms have commented on DVN. Wells Fargo & Company lowered their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, December 17th. Sanford C. Bernstein raised shares of Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a report on Wednesday, January 15th. Piper Sandler lifted their price objective on shares of Devon Energy from $53.00 to $54.00 and gave the company an “overweight” rating in a report on Wednesday. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 target price on the stock in a research note on Friday, January 3rd. Finally, Citigroup cut their price target on Devon Energy from $55.00 to $48.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Nine investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $49.45.

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.