Cove Street Capital LLC Buys 4,000 Shares of Devon Energy Co. (NYSE:DVN)

Cove Street Capital LLC lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 17.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,334 shares of the energy company’s stock after acquiring an additional 4,000 shares during the period. Cove Street Capital LLC’s holdings in Devon Energy were worth $1,238,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its holdings in Devon Energy by 1,279.7% during the fourth quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock worth $278,396,000 after purchasing an additional 5,700,167 shares during the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Devon Energy during the third quarter worth about $113,793,000. Morgan Stanley increased its position in Devon Energy by 23.6% during the third quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock worth $555,567,000 after acquiring an additional 2,220,194 shares during the period. International Assets Investment Management LLC increased its position in Devon Energy by 3,885.4% during the fourth quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock worth $76,793,000 after acquiring an additional 1,652,671 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Devon Energy by 26.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 7,077,042 shares of the energy company’s stock valued at $320,609,000 after buying an additional 1,488,374 shares during the period. Institutional investors own 69.72% of the company’s stock.

Insider Transactions at Devon Energy

In related news, EVP Tana K. Cashion sold 20,000 shares of the stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Susquehanna raised their price target on shares of Devon Energy from $52.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 22nd. Stifel Nicolaus lifted their target price on shares of Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research report on Tuesday, April 23rd. Truist Financial cut their target price on shares of Devon Energy from $69.00 to $67.00 and set a “buy” rating on the stock in a research report on Friday, May 3rd. StockNews.com upgraded shares of Devon Energy from a “hold” rating to a “buy” rating in a research report on Friday, May 3rd. Finally, JPMorgan Chase & Co. boosted their price target on shares of Devon Energy from $57.00 to $62.00 and gave the stock an “overweight” rating in a research report on Monday, April 8th. Four analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $58.83.

Devon Energy Price Performance

Shares of DVN traded up $1.49 during mid-day trading on Friday, hitting $49.08. 15,249,156 shares of the stock were exchanged, compared to its average volume of 5,275,921. The company has a market cap of $31.02 billion, a PE ratio of 9.37 and a beta of 2.15. Devon Energy Co. has a 52-week low of $40.47 and a 52-week high of $55.09. The firm has a 50-day moving average of $50.86 and a two-hundred day moving average of $46.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.97 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last issued its quarterly earnings data on Wednesday, May 1st. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.06. The business had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The company’s revenue for the quarter was down 5.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.46 EPS. On average, equities analysts predict that Devon Energy Co. will post 5.18 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.22 per share. The ex-dividend date is Friday, June 14th. This represents a $0.88 annualized dividend and a dividend yield of 1.79%. Devon Energy’s dividend payout ratio (DPR) is 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.