Federated Hermes Inc. Buys 129,207 Shares of Devon Energy Co. (NYSE:DVN)

Federated Hermes Inc. boosted its stake in shares of Devon Energy Co. (NYSE:DVN) by 186.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 198,608 shares of the energy company’s stock after buying an additional 129,207 shares during the period. Federated Hermes Inc.’s holdings in Devon Energy were worth $8,997,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DVN. Pacer Advisors Inc. increased its position in Devon Energy by 1,279.7% during the 4th quarter. Pacer Advisors Inc. now owns 6,145,605 shares of the energy company’s stock valued at $278,396,000 after buying an additional 5,700,167 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new stake in Devon Energy during the 3rd quarter valued at $113,793,000. Morgan Stanley boosted its stake in Devon Energy by 23.6% during the 3rd quarter. Morgan Stanley now owns 11,647,104 shares of the energy company’s stock valued at $555,567,000 after purchasing an additional 2,220,194 shares during the last quarter. International Assets Investment Management LLC boosted its stake in Devon Energy by 3,885.4% during the 4th quarter. International Assets Investment Management LLC now owns 1,695,206 shares of the energy company’s stock valued at $76,793,000 after purchasing an additional 1,652,671 shares during the last quarter. Finally, Schroder Investment Management Group boosted its stake in Devon Energy by 61.0% during the 3rd quarter. Schroder Investment Management Group now owns 2,673,781 shares of the energy company’s stock valued at $127,539,000 after purchasing an additional 1,013,353 shares during the last quarter. Institutional investors own 69.72% of the company’s stock.

Devon Energy Price Performance

NYSE DVN opened at $52.09 on Thursday. Devon Energy Co. has a fifty-two week low of $40.47 and a fifty-two week high of $55.09. The business’s fifty day moving average is $48.51 and its 200 day moving average is $46.09. The company has a market capitalization of $33.08 billion, a PE ratio of 8.93 and a beta of 2.19. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 1.07.

Devon Energy (NYSE:DVN) last announced its earnings results on Tuesday, February 27th. The energy company reported $1.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.39 by $0.02. Devon Energy had a return on equity of 31.72% and a net margin of 24.56%. The business had revenue of $4.15 billion during the quarter, compared to analyst estimates of $3.88 billion. During the same quarter in the previous year, the business earned $1.66 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Sell-side analysts predict that Devon Energy Co. will post 5.2 earnings per share for the current year.

Devon Energy Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, March 14th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.38%. Devon Energy’s payout ratio is 15.09%.

Wall Street Analysts Forecast Growth

DVN has been the topic of several recent analyst reports. Mizuho cut their target price on Devon Energy from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, January 11th. Stifel Nicolaus increased their target price on Devon Energy from $65.00 to $66.00 and gave the company a “buy” rating in a research note on Tuesday. Citigroup increased their target price on Devon Energy from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday, April 11th. Barclays initiated coverage on Devon Energy in a research note on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Devon Energy in a research note on Thursday, March 7th. Five research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Devon Energy currently has an average rating of “Moderate Buy” and an average target price of $58.33.

Devon Energy 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.