Summit Global Investments Grows Stake in Devon Energy Co. (NYSE:DVN)

Summit Global Investments boosted its position in shares of Devon Energy Co. (NYSE:DVN) by 37.3% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 170,906 shares of the energy company’s stock after purchasing an additional 46,407 shares during the quarter. Summit Global Investments’ holdings in Devon Energy were worth $5,594,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. True Wealth Design LLC increased its holdings in Devon Energy by 3,889.3% during the 3rd quarter. True Wealth Design LLC now owns 1,117 shares of the energy company’s stock worth $44,000 after purchasing an additional 1,089 shares during the period. Cromwell Holdings LLC increased its holdings in Devon Energy by 98.0% during the 4th quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares during the period. Sierra Ocean LLC bought a new stake in Devon Energy during the 4th quarter valued at $43,000. Endeavor Private Wealth Inc. bought a new stake in Devon Energy during the 4th quarter valued at $52,000. Finally, Thompson Investment Management Inc. boosted its position in Devon Energy by 60.0% during the 4th quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after acquiring an additional 600 shares in the last quarter. 69.72% of the stock is currently owned by hedge funds and other institutional investors.

Devon Energy Price Performance

Shares of Devon Energy stock opened at $36.18 on Friday. 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 Co. has a twelve month low of $30.39 and a twelve month high of $55.09. The firm has a market cap of $23.48 billion, a PE ratio of 7.93, a P/E/G ratio of 1.20 and a beta of 1.91. The business has a 50-day moving average price of $35.46 and a 200 day moving average price of $37.06.

Devon Energy (NYSE:DVN) last posted its quarterly earnings data on Tuesday, February 18th. The energy company reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The company had revenue of $4.40 billion for the quarter, compared to analysts’ expectations of $4.25 billion. Sell-side analysts predict that Devon Energy Co. will post 4.85 earnings per share for the current fiscal year.

Devon Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 2.65%. 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 payout ratio is presently 21.05%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent research reports. Williams Trading set a $50.00 target price on Devon Energy in a research report on Wednesday, March 5th. Cowen cut Devon Energy to a “hold” rating and lowered their price objective for the stock from $46.00 to $45.00 in a research report on Tuesday, February 18th. Wells Fargo & Company reduced their target price on Devon Energy from $49.00 to $43.00 and set an “overweight” rating for the company in a research note on Tuesday, December 17th. Piper Sandler raised their target price on Devon Energy from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, February 24th. Finally, Mizuho reduced their target price on Devon Energy from $51.00 to $47.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Ten research 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, Devon Energy currently has a consensus 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.