1832 Asset Management L.P. Buys 13,830 Shares of Devon Energy Corporation $DVN

1832 Asset Management L.P. raised its stake in Devon Energy Corporation (NYSE:DVN) by 5.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 291,556 shares of the energy company’s stock after purchasing an additional 13,830 shares during the quarter. 1832 Asset Management L.P.’s holdings in Devon Energy were worth $9,274,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Opal Wealth Advisors LLC acquired a new stake in shares of Devon Energy in the 2nd quarter valued at approximately $25,000. Trust Co. of Vermont raised its position in Devon Energy by 241.3% during the second quarter. Trust Co. of Vermont now owns 942 shares of the energy company’s stock worth $30,000 after acquiring an additional 666 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in Devon Energy during the second quarter worth $34,000. Elevation Point Wealth Partners LLC acquired a new stake in Devon Energy in the second quarter valued at $34,000. Finally, SouthState Corp grew its position in shares of Devon Energy by 350.5% in the 1st quarter. SouthState Corp now owns 991 shares of the energy company’s stock valued at $37,000 after acquiring an additional 771 shares during the period. Institutional investors and hedge funds own 69.72% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Roth Capital began coverage on shares of Devon Energy in a report on Monday, October 13th. They issued a “buy” rating and a $42.00 target price on the stock. Evercore ISI boosted their price target on Devon Energy from $34.00 to $37.00 and gave the stock an “in-line” rating in a research report on Monday, October 6th. Royal Bank Of Canada set a $42.00 price objective on Devon Energy and gave the company a “sector perform” rating in a research note on Friday, October 10th. Raymond James Financial raised their price objective on Devon Energy from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Sanford C. Bernstein boosted their target price on Devon Energy from $43.00 to $48.00 and gave the stock an “outperform” rating in a report on Friday, November 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, nine have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Devon Energy has a consensus rating of “Moderate Buy” and a consensus price target of $43.86.

Devon Energy Stock Performance

DVN opened at $37.69 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.96 and a quick ratio of 0.87. The business has a fifty day simple moving average of $34.37 and a 200 day simple moving average of $33.79. Devon Energy Corporation has a 1 year low of $25.89 and a 1 year high of $38.88. The company has a market capitalization of $23.64 billion, a PE ratio of 8.87, a price-to-earnings-growth ratio of 2.90 and a beta of 0.62.

Devon Energy (NYSE:DVN) last posted its earnings results on Wednesday, November 5th. The energy company reported $1.04 earnings per share for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. The company had revenue of $0.00 million during the quarter, compared to the consensus estimate of $4.10 billion. Devon Energy had a return on equity of 18.14% and a net margin of 15.56%.During the same quarter last year, the firm earned $1.10 earnings per share. Research analysts expect that Devon Energy Corporation will post 4.85 EPS for the current year.

Devon Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 30th. Shareholders of record on Monday, December 15th will be paid a $0.24 dividend. The ex-dividend date is Monday, December 15th. This represents a $0.96 annualized dividend and a yield of 2.5%. Devon Energy’s payout ratio is 22.59%.

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.