Devon Energy Co. (NYSE:DVN) Shares Acquired by Summit Global Investments

Summit Global Investments lifted its stake in shares of Devon Energy Co. (NYSE:DVN) by 37.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 170,906 shares of the energy company’s stock after purchasing an additional 46,407 shares during the period. Summit Global Investments’ holdings in Devon Energy were worth $5,594,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Legacy Investment Solutions LLC acquired a new position in shares of Devon Energy during the 3rd quarter worth approximately $8,002,000. Bridgewater Associates LP acquired a new position in Devon Energy in the third quarter valued at approximately $9,426,000. Petrus Trust Company LTA lifted its holdings in Devon Energy by 394.7% in the third quarter. Petrus Trust Company LTA now owns 21,827 shares of the energy company’s stock valued at $854,000 after acquiring an additional 17,415 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. acquired a new position in Devon Energy in the fourth quarter valued at approximately $782,000. Finally, Fortem Financial Group LLC acquired a new position in Devon Energy in the third quarter valued at approximately $583,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Stock Performance

NYSE:DVN opened at $36.18 on Friday. The firm has a market capitalization of $23.48 billion, a PE ratio of 7.93, a price-to-earnings-growth ratio of 1.20 and a beta of 1.91. The business’s fifty day moving average price is $35.46 and its 200 day moving average price is $37.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.04 and a quick ratio of 1.01. Devon Energy Co. has a 12 month low of $30.39 and a 12 month high of $55.09.

Devon Energy (NYSE:DVN) last posted its earnings results on Tuesday, February 18th. The energy company reported $1.16 EPS for the quarter, beating the consensus estimate of $1.00 by $0.16. The firm 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%. On average, sell-side analysts anticipate that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Friday, March 14th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.65%. The ex-dividend date is Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. Devon Energy’s dividend payout ratio is currently 21.05%.

Analyst Ratings Changes

A number of research firms recently commented on DVN. JPMorgan Chase & Co. decreased their price objective on Devon Energy from $48.00 to $42.00 and set a “neutral” rating on the stock in a report on Thursday, March 13th. Sanford C. Bernstein upgraded Devon Energy from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a report on Wednesday, January 15th. Piper Sandler upped their price objective on Devon Energy from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, February 24th. Wells Fargo & Company decreased their price objective on Devon Energy from $49.00 to $43.00 and set an “overweight” rating on the stock in a report on Tuesday, December 17th. Finally, Cowen lowered Devon Energy to a “hold” rating and cut their target price for the company from $46.00 to $45.00 in a research report on Tuesday, February 18th. Ten investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $48.46.

Devon Energy Company 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.