Eagle Asset Management Inc. Buys 34,632 Shares of Devon Energy Co. (NYSE:DVN)

Eagle Asset Management Inc. grew its stake in shares of Devon Energy Co. (NYSE:DVNFree Report) by 252.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 48,336 shares of the energy company’s stock after buying an additional 34,632 shares during the quarter. Eagle Asset Management Inc.’s holdings in Devon Energy were worth $2,190,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Devon Energy during the 3rd quarter worth $27,000. Manchester Capital Management LLC acquired a new position in shares of Devon Energy in the fourth quarter valued at approximately $28,000. Sound Income Strategies LLC raised its holdings in Devon Energy by 60.7% in the 4th quarter. Sound Income Strategies LLC now owns 675 shares of the energy company’s stock valued at $31,000 after buying an additional 255 shares during the last quarter. Rise Advisors LLC boosted its position in Devon Energy by 1,365.3% during the 4th quarter. Rise Advisors LLC now owns 718 shares of the energy company’s stock worth $33,000 after buying an additional 669 shares during the period. Finally, PFS Partners LLC bought a new stake in Devon Energy during the 4th quarter worth approximately $36,000. 69.72% of the stock is currently owned by institutional investors and hedge funds.

Devon Energy Trading Down 0.9 %

DVN opened at $46.64 on Wednesday. The company has a fifty day moving average price of $50.78 and a two-hundred day moving average price of $46.68. Devon Energy Co. has a 1-year low of $40.47 and a 1-year high of $55.09. The company has a market cap of $29.48 billion, a P/E ratio of 8.90 and a beta of 2.08. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 0.46.

Devon Energy (NYSE:DVNGet Free Report) last issued its earnings results on Wednesday, May 1st. The energy company reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.06. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.64 billion. Devon Energy had a return on equity of 29.02% and a net margin of 22.27%. The firm’s revenue was down 5.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.46 EPS. Analysts predict that Devon Energy Co. will post 5.18 EPS for the current fiscal year.

Devon Energy Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Friday, June 14th. Devon Energy’s payout ratio is 16.79%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of Devon Energy from $55.00 to $57.00 and gave the company a “sector perform” rating in a research note on Thursday, May 9th. Barclays started coverage on Devon Energy in a research report on Wednesday, April 10th. They issued an “equal weight” rating and a $59.00 price target on the stock. Piper Sandler increased their price target on Devon Energy from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Tuesday, May 14th. Stifel Nicolaus lifted their price objective on Devon Energy from $65.00 to $66.00 and gave the stock a “buy” rating in a research note on Tuesday, April 23rd. Finally, Scotiabank increased their target price on shares of Devon Energy from $53.00 to $67.00 and gave the company a “sector outperform” rating in a research report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.83.

View Our Latest Research Report on Devon Energy

Insider Buying and Selling

In other Devon Energy news, EVP Tana K. Cashion sold 20,000 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $51.04, for a total transaction of $1,020,800.00. Following the completion of the sale, the executive vice president now owns 104,182 shares in the company, valued at approximately $5,317,449.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.73% of the stock is owned by company insiders.

Devon Energy Profile

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding DVN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Devon Energy Co. (NYSE:DVNFree Report).

Institutional Ownership by Quarter for Devon Energy (NYSE:DVN)

Receive News & Ratings for Devon Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Devon Energy and related companies with MarketBeat.com's FREE daily email newsletter.