Payden & Rygel Boosts Stake in Devon Energy Co. (NYSE:DVN)

Payden & Rygel increased its stake in shares of Devon Energy Co. (NYSE:DVN) by 968.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 37,400 shares of the energy company’s stock after buying an additional 33,900 shares during the period. Payden & Rygel’s holdings in Devon Energy were worth $1,224,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of DVN. Cromwell Holdings LLC increased its stake in shares of Devon Energy by 98.0% in the fourth quarter. Cromwell Holdings LLC now owns 1,208 shares of the energy company’s stock worth $40,000 after purchasing an additional 598 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of Devon Energy in the 4th quarter valued at about $43,000. Endeavor Private Wealth Inc. purchased a new position in Devon Energy in the 4th quarter worth approximately $52,000. Thompson Investment Management Inc. raised its position in Devon Energy by 60.0% during the fourth quarter. Thompson Investment Management Inc. now owns 1,600 shares of the energy company’s stock valued at $52,000 after purchasing an additional 600 shares in the last quarter. Finally, Asset Planning Inc bought a new stake in Devon Energy in the 4th quarter worth approximately $54,000. Hedge funds and other institutional investors own 69.72% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Truist Financial boosted their price objective on Devon Energy from $42.00 to $44.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Royal Bank of Canada restated a “sector perform” rating and set a $50.00 target price on shares of Devon Energy in a report on Friday, January 10th. Williams Trading set a $50.00 price objective on Devon Energy in a research note on Wednesday, March 5th. Raymond James reduced their price target on shares of Devon Energy from $54.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, March 10th. Finally, StockNews.com upgraded shares of Devon Energy from a “sell” rating to a “hold” rating in a research note on Friday, January 3rd. Ten equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $48.17.

Devon Energy Stock Down 11.7 %

DVN stock opened at $29.30 on Friday. The stock has a market capitalization of $19.01 billion, a PE ratio of 6.42, a price-to-earnings-growth ratio of 1.20 and a beta of 1.50. Devon Energy Co. has a one year low of $29.06 and a one year high of $55.09. The company has a fifty day moving average of $35.22 and a 200-day moving average of $36.72. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.01 and a current ratio of 1.04.

Devon Energy (NYSE:DVN) last announced its quarterly earnings results on Tuesday, February 18th. The energy company reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.16. Devon Energy had a return on equity of 22.52% and a net margin of 18.14%. The business had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.25 billion. As a group, analysts expect that Devon Energy Co. will post 4.85 EPS for the current year.

Devon Energy Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Friday, March 14th were issued a $0.24 dividend. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Devon Energy’s previous quarterly dividend of $0.22. This represents a $0.96 annualized dividend and a yield of 3.28%. Devon Energy’s payout ratio is 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.