Devon Energy Co. (NYSE:DVN) Stake Raised by Fortem Financial Group LLC

Fortem Financial Group LLC raised its holdings in shares of Devon Energy Co. (NYSE:DVN) by 17.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,576 shares of the energy company’s stock after acquiring an additional 2,672 shares during the quarter. Fortem Financial Group LLC’s holdings in Devon Energy were worth $575,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Private Advisor Group LLC boosted its stake in shares of Devon Energy by 6.3% during the 2nd quarter. Private Advisor Group LLC now owns 83,609 shares of the energy company’s stock valued at $3,963,000 after buying an additional 4,975 shares during the period. Candriam S.C.A. lifted its holdings in shares of Devon Energy by 18.5% during the 2nd quarter. Candriam S.C.A. now owns 43,822 shares of the energy company’s stock valued at $2,077,000 after buying an additional 6,850 shares during the last quarter. Savant Capital LLC grew its stake in shares of Devon Energy by 114.3% in the 2nd quarter. Savant Capital LLC now owns 43,795 shares of the energy company’s stock valued at $2,076,000 after buying an additional 23,355 shares in the last quarter. Gallacher Capital Management LLC increased its holdings in Devon Energy by 45.4% in the second quarter. Gallacher Capital Management LLC now owns 14,748 shares of the energy company’s stock worth $699,000 after buying an additional 4,607 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Devon Energy by 1,061.4% during the second quarter. Acadian Asset Management LLC now owns 99,624 shares of the energy company’s stock valued at $4,719,000 after acquiring an additional 91,046 shares in the last quarter. Institutional investors and hedge funds own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

DVN has been the topic of a number of recent research reports. Evercore ISI cut their price target on shares of Devon Energy from $55.00 to $50.00 and set an “in-line” rating on the stock in a report on Monday, September 30th. StockNews.com raised Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday. Morgan Stanley decreased their price objective on shares of Devon Energy from $55.00 to $51.00 and set an “overweight” rating for the company in a report on Monday, September 16th. JPMorgan Chase & Co. downgraded shares of Devon Energy from an “overweight” rating to a “neutral” rating and set a $43.00 target price on the stock. in a report on Thursday, December 5th. Finally, Truist Financial cut shares of Devon Energy from a “buy” rating to a “hold” rating and decreased their price target for the company from $49.00 to $43.00 in a report on Thursday, November 7th. Eleven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $49.81.

Devon Energy Price Performance

NYSE:DVN traded down $0.22 on Monday, reaching $33.71. The stock had a trading volume of 8,716,405 shares, compared to its average volume of 9,093,036. The company has a market capitalization of $22.14 billion, a P/E ratio of 6.25, a price-to-earnings-growth ratio of 1.10 and a beta of 2.00. The stock has a fifty day moving average price of $35.97 and a 200-day moving average price of $40.97. The company has a quick ratio of 1.01, a current ratio of 1.11 and a debt-to-equity ratio of 0.61. Devon Energy Co. has a 1-year low of $30.39 and a 1-year high of $55.09.

Devon Energy (NYSE:DVN) last released its quarterly earnings results on Tuesday, November 5th. The energy company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.01. The firm had revenue of $4.02 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Devon Energy had a return on equity of 24.73% and a net margin of 21.71%. The business’s revenue was up 4.9% on a year-over-year basis. During the same period last year, the firm posted $1.65 EPS. Research analysts forecast that Devon Energy Co. will post 4.79 EPS for the current year.

Devon Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 30th. Shareholders of record on Friday, December 13th were given a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, December 13th. Devon Energy’s payout ratio is presently 16.33%.

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.