Monaco Asset Management SAM Purchases Shares of 200,000 Devon Energy Co. (NYSE:DVN)

Monaco Asset Management SAM acquired a new stake in shares of Devon Energy Co. (NYSE:DVN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 200,000 shares of the energy company’s stock, valued at approximately $6,546,000. Devon Energy comprises approximately 0.9% of Monaco Asset Management SAM’s portfolio, making the stock its 11th biggest holding.

Several other large investors have also modified their holdings of the stock. Cromwell Holdings LLC increased its stake in Devon Energy by 98.0% during the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after acquiring an additional 598 shares during the last quarter. Sierra Ocean LLC acquired a new position in Devon Energy during the fourth quarter valued at approximately $43,000. True Wealth Design LLC grew its stake in Devon Energy by 3,889.3% during the third quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after buying an additional 1,089 shares during the period. Activest Wealth Management raised its stake in shares of Devon Energy by 60.4% in the 3rd quarter. Activest Wealth Management now owns 1,275 shares of the energy company’s stock valued at $50,000 after acquiring an additional 480 shares during the period. Finally, Endeavor Private Wealth Inc. acquired a new position in shares of Devon Energy during the 4th quarter valued at $52,000. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DVN has been the topic of several research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $50.00 price objective on shares of Devon Energy in a research report on Friday, January 10th. Benchmark restated a “buy” rating and issued a $44.00 price target on shares of Devon Energy in a report on Thursday, February 20th. Citigroup cut shares of Devon Energy from a “buy” rating to a “reduce” rating in a research report on Wednesday, March 5th. Wolfe Research raised shares of Devon Energy from a “peer perform” rating to an “outperform” rating and set a $45.00 price target for the company in a report on Friday, January 3rd. Finally, Barclays upped their price objective on shares of Devon Energy from $43.00 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.54.

Devon Energy Price Performance

Shares of NYSE:DVN opened at $33.79 on Friday. The company has a market cap of $21.93 billion, a PE ratio of 7.41, a P/E/G ratio of 1.20 and a beta of 1.91. Devon Energy Co. has a fifty-two week low of $30.39 and a fifty-two week high of $55.09. The firm has a 50-day simple moving average of $35.36 and a 200 day simple moving average of $37.47. The company has a quick ratio of 1.01, a current ratio of 1.04 and a debt-to-equity ratio of 0.57.

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 company had revenue of $4.40 billion during 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 EPS for the current year.

Devon Energy Increases Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 2.84%. This is a boost from Devon Energy’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Friday, March 14th. Devon Energy’s dividend payout ratio (DPR) is presently 21.05%.

About Devon Energy

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.